PEOPLE. TEAMWORK. PASSION. OPPORTUNITY BANK BILLINGS SHILOH 406.443.2340 cwg-architects.com 650 Power St. Helena, MT Strong foundations for your future. Trusted by Montana financial institutions for over 60 years. is instrumental in creating the job analysis as they fully understand what is required of the position and its desired accomplishments. Human Resources will also be involved in facilitating, gathering and evaluating the data. The job analysis will result in a hierarchy of jobs based on a level or point value determined by a variety of factors. Having a clear valuation of each position and aligning the pay accordingly helps to assure pay equity across the organization. The job analysis will lead the organization in creating detailed job descriptions for every position that contain the responsibilities of the position and outline which ones are essential or non-essential. This can also assist with the American Disability Act — reasonable accommodations and workers’ compensation claims. Job descriptions are commonly part of a performance review process and are used in a performance improvement plan (PIP). As an organization’s goals change, the responsibilities in a job description may need updating, and the compensation level for the position may need adjusting. With a compensation strategy in place and the job analysis complete, there is now a road map to complete a pay analysis. Because there are many types of pay analysis completed, the organization will want to think back to the strategy and current goals to provide guidance. Communication of the pay analysis results, along with the organization’s follow-through and actions, will contribute to creating pay equity and increasing employee loyalty and retention. Working through these steps, there is now a strong foundation to build salary bands required for the new pay transparency laws. Analyzing the organization’s compensation against industry-specific salary benchmarking is a good place to start. The USource team can assist with access to the industry’s salary benchmarking. The position valuation combined with benchmarking to create a salary band for each position is an efficient process to ensure the organization’s compliance with the pay transparency laws. Whether you are revisiting an existing compensation strategy or building one from scratch, understanding these principles and steps can empower your organization to develop a compensation strategy that supports both your employees and your goals. The USource Team has a webinar titled “Achieving Pay Equity through Transparency, Analysis, and Actionable Insights.” USource members can access the recording in the USource library. If you are not a USource member, you can purchase it for $95.00 by contacting usource@ubb.com. Community Banker 27
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