Employee Compensation Strategy Consultants
Using survey data collected from our members along with other credible resources, our Compensation veterans help you design appropriate compensation and benefit packages for your specific industry and region so you can attract and retain the right talent.
Let our HR Experts help you find the right compensation strategy!
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Our approach helps to align employee total compensation decisions with your business goals. We help you detemine how you value positions within your organization so that you are assigning resources to gain the most benefit. We draw on our rich survey data so you can learn how other organizations allocate resources to the positions of interest to you.
Areas of Compensation & Benefit Strategy We Can Help You With
Compensation Strategy and Plan Development
Compensation planning must be done carefully and strategically to attract and retain the best talent, especially in tight, competitive labor markets and in certain industries. Our team of compensation experts works to understand your unique needs. We can consult on the project as you develop your own plan nad direct you to our many resources, like our compensation white papers (FYIs), or we can product the compensation plan for you.
We follow a standard methodology that identifies objectives, deliverables, and specific approaches for each phast of the project:
Total rewards strategy – Pay is only one component of the rewards employees join the workforce to receive. Benefits, flexible scheduling, and paid-time-off can be used effectively to attract and retain employees. We survey employers in all of these areas to give you the widest view of your strategy.
Merit increase planning – Steady annual increases may be an effective way to meet your business goals, or there may be alternatives which would allow for focus to different aspects of your organization.
Base compensation – Determining what pay is not at risk, or the base compensation, can vary widely by position and department. We have both data and experience to help you gain a clear perspective on this essential pay in your compensation planning.
Job descriptions – Descriptions of the work done by each employee is a foundational element of any organization, regardless of size. Knowing what is expected of each employee and what their work towards the mission of the organization is crucial. This is also critical in determining job matches to create a compensation plan.
Job evaluation – An evaluation is an important first step prior to creating a fully functional job description. A good evaluation gathers information both from the employee performing the work and the managers and leaders overseeing the work.
Market pricing – knowing which market to review when looking at a particular job is critical. Who are the competitors for the employees you want to hire and retain? Is it within your industry and geographic location, or are you overlooking other competitive factors?
Plan implementation – When the plan is finished, it is put into action. Leaders and managers learn of the details of the plan as it applies to them and the employees they supervise so they can assist in communicating the plan.
Communication of the plan – Communicating is not a mere exercise in changing pay rates. Current best practices includes being transparent and helping employees understand the methodology used and why it is important for the business health to use it. This is especially important as new studies point to men and women having very different ideas when higher pay is in order.