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A properly designed compensation administration policy helps your financial organization to equitably administer salaries across similar job categories and titles.

The regulations are unclear as to what constitutes “similar” jobs. Salary Administration Plans document the institution’s view of what jobs are equivalent and how it will administrate the salaries of each job and job level. With a compensation administration policy, you can ensure that officer titles do not become a default job grading system.

Young & Associates has vast, diverse experience working with financial institutions, including banks and credit unions, and our consultants are uniquely qualified to help.

Salary Admin Plan

Young & Associates salary administration plan services include:

  • Creating a job grading hierarchy
  • Defining unique job and job grade features
  • Creating compensation guidelines
  • Supporting policies and procedures
  • Officer titling policy (coupling or decoupling from compensation)
  • Researching the market
  • Associating job grades to compensation
  • Identifying budgetary parameters and constraints
  • Analyzing current salary structure
  • Developing initial salary structure
  • Creating pay ranges for salary structure
  • Integrating salary administration plans into other company strategies and processes
  • Defining internal career paths
  • Rolling out the plan to managers and employees

Your salary administration plan partner

Young & Associates can help your financial institution create and administer compensation planning and administration that will help you attract, retain, and motivate your employees. Contact us to see how we can help your organization with a salary administration plan.

Connect with a consultant

Contact us to learn more about our consulting services and how we can add value to your financial institution