Indiana Proposed Additional Compensation Plan with copy of plan
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How to fill out Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
Once a compensation structure has been established, the structure should be reviewed and updated every one to two years to reflect changes in the organization, jobs, market conditions, wages, compression, and pay equity laws.
As of , the average annual pay for a Government Employee in Indiana is $59,461 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.59 an hour.
Most private companies review their plans annually, but reviewing every few years or during rounds of funding are also common. The reality is that each option has its pros and cons, and the frequency of the review largely hinges on your company's goals, upcoming plans, and where you are in your growth phase.
Willis Towers Watson's Catherine Hartmann, rewards practice leader for North America, typically outlines five key considerations for her clients: competitive positioning, segmentation, performance orientation, affordability and governance.
Governor Holcomb implemented a $1,300 salary increase, followed by a 2.5% salary increase for all State employees in January 2022; this salary adjustment resulted in an average increase of 5% for employees and was the first general salary increase in Indiana since 2008.
Typically found in union and government work environments, a step rate-compensation structure presents the pay rate associated with each position (or a family of similar positions) and how it will increase incrementally over time (in steps).
You should revise your pay structure annually to ensure it's on par with the job market and accepted among your employees. Some companies revise their compensation plans every 3-5 years, but I find that too much changes in that time.
Ultimately, salary survey data should be gathered and reviewed every two to three years so that appropriate adjustments can be made to the organization's salary ranges.