Are you curious about how your company’s compensation levels compare with other companies in your industry or targeted labor market? Our consultants use market pricing methods to create internally equitable and externally competitive base salary administration programs. Salary ranges or salary grades are developed by our firm to provide management with an effective compensation structure for administering salaries. Our compensation professionals will use compensation philosophies and strategies that best fit your organization’s culture and labor market.
WhitneySmith Company can effectively evaluate your organization’s compensation programs, research your competitors’ programs, and recommend modifications if necessary. We can evaluate your existing base salary, bonus, and/or incentive compensation programs to determine effectiveness and give recommendations to maximize the use of payroll dollars. Business owners and Boards of Directors need sound compensation recommendations and our compensation staff can provide an outside expert’s review and opinion of your existing programs.
We conduct surveys of compensation practices on selected positions, industries and/or geographical areas. The data obtained from these customized surveys are then statistically analyzed and summarized into a survey report for our client.
Permian Basin Oil and Gas Compensation Survey
WhitneySmith Company is conducting the 2nd annual Permian Basin Oil and Gas Compensation Survey. The results of the survey will include annual base salary/hourly rates, annual bonus data, and total annual compensation for over 80 positions.
Tarrant County Salary Survey
On an annual basis, and since the inception of the firm, WhitneySmith Company has conducted a salary survey of the local labor market. Our salary survey has support from the local business community and local human resources association and is considered a premier source of compensation data.
Our firm can be your outside objective source for determining if your executive compensation programs are competitive and reasonable. Our insight into competitive market practices can provide you with defensible executive compensation programs covering base salary, bonuses, long-term incentives, perquisites, and benefits. Our compensation staff can determine if your executive compensation practices and programs comply with governmental regulations and/or make necessary modifications to ensure compliance. Compliance with reasonable compensation requirements promulgated by the various regulatory agencies for industries including banking, nonprofits, healthcare, etc. can be assessed by our compensation professionals.
We are experienced in developing variable compensation plans to maximize employee productivity and reward outstanding employee performance. Variable compensation is an important component of the total compensation package and should not be overlooked. Incentive plans, bonus plans, and commission plans may be a critical element in a total compensation package. Business models can be developed and tailored to fit your organization’s needs.
WhitneySmith Company consultants are proficient at job analysis and determining essential job elements. Job descriptions are written and/or updated, and provide written documentation of reporting relationships, critical job specifications, duties and responsibilities, and performance accountabilities. Job descriptions can be an important piece of evidence in employment-related claims and disputes. Well-written job documentation is the primary source for supporting and defending management decisions.
Jobs are analyzed and tested under federal regulations to determine exempt and nonexempt wage and hour classifications. We do this to assist clients with compliance in minimum wage, overtime, and recordkeeping regulations. An analysis will include a management report or summary of the study and will provide a complete explanation of how jobs meet or do not meet the numerous FLSA wage and hour classifications. In addition to exemption classifications, our staff has extensive knowledge regarding independent contractor classifications. Employment misclassifications can be costly to an organization so accurate classifications are critical to an organization’s success.