Compensation
Our current economic climate presents many challenges for businesses of all sizes. With the tight labor market and pay rates on the rise, it’s more important than ever to keep your best employees and recruit the best new hires by spending your compensation dollars wisely and effectively. We can provide help and assistance for all your compensation-related needs. Our Compensation services include:
Market Pricing/Starting Salary for Individual Positions
- Benchmarking research of salary and wage differentials for key executive, exempt and non-exempt positions using a variety of published local and national surveys
- Customized report provides market data and tailored recommendations for starting salaries, salary increases and/or adjustments that are both externally competitive and internally equitable
Annual Market Assessment
- Annual salary planning to help manage and plan upcoming compensation budgets and spend compensation dollars more effectively
- External market review to assist in projecting salary increases for the upcoming year
- Recommendations to ensure competitiveness
Base Pay Structure Review
- Evaluation of current pay structure and compensation policies
- Review of organizational compensation goals and philosophy
- Identification of changes and/or enhancements
- Development of strategies to make pay structures successful and cost-effective
- Recommendations to ensure external competitiveness and internal equity and address issues of salary compression
Bonus/Incentive Plan Review
- Evaluation of existing bonus/incentive and compensation policies
- Review of organizational business goals and financial standing
- Identification of changes and/or enhancements
- Development of recommendations to ensure ongoing competitiveness and effectiveness
Base Pay Plan Design
- Evaluation of organizational needs and administrative capabilities
- Review of current pay practices
- Development of salary structures and promotional career paths
- Development of policies and procedures to support ongoing administration of plan
Bonus/Incentive Plan Design
- Review of organizational goals and objectives
- Evaluation of current and future incentive/bonus alternatives
- Development of cost-effective plans to accomplish incentive goals at individual, team and organizational levels