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.