Compensation metrics are intrinsic to the smooth operation of your company. If you're looking to improve your compensation program, it's important to look at the base pay metrics for your organization. Your base pay metrics should align with your current business issues. If you don't analyze your metrics, you run the risk of missing an opportunity to optimize your strategy to ensure that it fits in with your overall compensation philosophy.
There are many types of both internal and external compensation metrics that can be used to achieve the goal of improving an organization's overall compensation strategy, including compa-ratios and salary penetration ranges. It's also important to take a close look at a number of factors, including annual payroll, average hourly rate, number of employees, and more.
Comp metrics consist of more than just comparing how your salaries stack up against the competition. The more you can base your numbers on solid industry metrics — and then successfully communicate that to employees — the better off your company s bottom line will be overall.
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