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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.
The West Virginia Plan is a state-wide initiative created by a group of community- and policy-minded citizens, designed to improve the well-being of the region. Past initiatives have tried to improve the state through a narrow focus without accounting for how other parts of the state would be affected.
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.
The average Child Protective Service (CPS) salary in West Virginia is $52,558 as of September 25, 2023, but the range typically falls between $46,987 and $58,916.
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.
STC cushions the adverse effect of a reduction in business activity on workers by averting layoffs. The program also ensures that impacted workers will be available to resume prior employment levels when business demand increases. Businesses must have an approved plan with WorkForce WV to be eligible for this program.
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.
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.