Staff’s salaries should be reviewed approximately every 2 years to ensure your employees are paid at market levels, which is key to employee retention. A complete compensation analysis involves reviewing your staff’s updated job descriptions, their current pay, and obtaining market data for your staff’s specific responsibilities. Each position will also be reviewed to ensure that it is properly classified under FLSA standards for overtime. Pay ranges will be established with a minimum, midpoint and maximum to allow you flexibility in determining salary increases and to pay for performance. Your compensation structure will also be reviewed to ensure internal equity.
Each year, you will receive notification regarding the percentage increase for your ranges, based on input from NAR’s compensation consultants, which will assist in keeping your pay aligned with the market.