Compensation Strategy & Total Program Design
Compensation Strategy: Our Approach
People are the key component of any organization’s success, and the right rewards are critical to your talent development and retention strategy. Our compensation solutions are market-based, performance-driven and promote fairness and consistency.
We collaborate with our clients to develop and implement customized compensation solutions that optimize the HR spend by balancing employer costs with the need to compete for coveted candidates and retain the best contributors. We know that the success of any compensation program is assessed by ROI – with return being measured by the organization’s ability to attract, engage and cultivate top talent.
Working with your leadership and HR professionals, we strive to give your organization a
competitive edge while maintaining equitable pay practices.
Our process includes:
- Learning About the Business: discussions with key personnel to understand the business, its challenges and operating conditions, as well as its goals and values and current compensation policies.
- Assessing current pay practices and identifying strengths, weaknesses and opportunities for enhancement.
- Evaluating competitiveness, using industry- and geo-specific comparative market data and, where appropriate, peer group analysis.
- Outlining the most effective and cost-conscious opportunities for change.
- Developing the broad statement of pay philosophy, covering all segments of the workforce.
- Buildout of the required program tools, including base pay structures, variable payand performance metrics to ensure equitable pay treatment across the organization while also maintaining desired competitiveness.
- Rollout support: development of change management and communication plans, as appropriate.