Protect your business
Compensation costs often comprise a large segment of the expenses to the organization. Also, compensation that is misapplied can create an organizational environment that’s not conducive to meeting the company strategies and objectives. We can evaluate all components of your compensation plan or modify a small part of your plan; either way, we look at how the pieces fit together to accomplish your objectives.
General Services include:
- Strategic consultation for all compensation plans (executive, salary, incentives)
- Total rewards analysis, which is the combined assessment of value for 1) salaries, 2) incentives, 3) benefits, and 4) work-life benefits
- Job description writing, job analysis, and job evaluations
- Market analysis of salaries, incentives, and benefits using market salary surveys
- Design of salary structures for base pay, utilizing statistical regression analysis
- Annual salary budgeting based on market salary analysis and company strategy
- Design of the merit matrix and management of the annual merit and incentive awards process, as well as the cost and impact analysis
- Alignment of individual pay to new salary structures, integrating the performance plan goals and internal equity
- Process management of updating the human resource management system (HRMS) with new salary structures and budgeted individual increases
- Design of reports for management to review individual increases while tracking those reports to the annual budget
- Salary rollout planning, communication, and training
- Integration of the performance management system with the total compensation plan and system
- HRMS integration across all components of compensation
- Monitor internal company salary metrics comparing them to the budget and the external market conditions throughout the year