Compensation Strategy & Plan Design

OperationsInc’s Compensation Experts can assist your firm in creating an effective and sustainable Compensation Strategy and Plan, designed to maintain a competitive edge in your market, as well as attract and retain talent and motivate your team.

HOW WE DO IT:

The following is an outline of a typical client engagement, whereby OperationsInc will:

  • Meet with key stakeholders and decision makers to discuss current compensation philosophies and any specific concerns that have led to the assessment.
  • Review current compensation structure(s) for specific departments, divisions, and functions, or for the entire organization, which would include:
    • Organizational chart review (and, as needed, development) to show all those to be assessed by title and place in company.
    • Compensation for each (salary, bonus, equity, other perks).
    • Hire date.
    • Total budget for salaries, as well as bonuses and all other discretionary compensation.
  • Secure all details around timing for reviews of performance, compensation increases, bonus rewards, and other discretionary compensation.
  • Review hiring patterns, as well as turnover reports, including exit interview data (where available).
  • Utilize the collected information, and (as needed) group populations by grade, title, and/or any other relevant classification, analyzing the compensation structure for each grouping.
  • Review job descriptions for key roles as identified by the client.
  • Evaluate each position to determine “job worth” in relation to other positions within the organization.
  • Develop a report that explains findings and recommendations, focused on any and all viable options tied to plan design improvement, along with projected impact.
  • Taking the client’s direction on plan designs of interest, develop a proposed implementation plan inclusive of detailed changes and program design features, along with projected financial impact.

To learn more about OperationsInc’s Compensation Strategy & Plan Design, please contact us at info@OperationsInc.com or 800-307-5513.


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