Most business owners realize the importance of compensation and admit that their employees are their company’s greatest assets. However, few actually reinforce this statement by investing in the development of effective rewards programs that align employee performance with key business objectives. HR Consulting Solutions offers strategic and tactical solutions to help companies build and maintain a successful employee value proposition that facilitates the attraction, engagement, and retention of top talent.
Most organizations struggle with how to pay their workforce. The rewards or results that employees receive for their work on the job should be delineated by a compensation structure. Typically, HR Managers set strict guidelines for how a worker’s wage can be achieved to improve productivity and organizational effectiveness. As a result, compensation systems play into the strategic goals of the company to grow its people, positions, and revenue. HR Consulting Solutions guides you through the maze of base pay, commission, overtime pay, bonuses, profit sharing, stock options, travel and meal allowances, and even company benefits received to fit individual culture and premeditated growth ambitions.
Total Rewards Strategy
A solid total rewards philosophy and strategy provides the foundation and direction for a company’s employee value proposition. HR Consulting Solutions’ comprehensive compensation services includes a collaborative approach to identify and prioritize values that will be reinforced through each organization’s total rewards program. This perspective helps create the guiding principles used to develop an appropriate pay strategy, identify competitors of talent, determine short and long-term incentive program needs, and establish the appropriate mix of fixed and variable pay.
The design and development process of an operational employee value proposition program begins with a reliable comprehension of the market. Employers are accountable for researching, establishing, and maintaining an organization’s pay system. Understanding the current competitive markets for employee pay rates can be tricky. Therefore, leaving this aspect up to skilled and trustworthy HR professionals like HR Consulting Solutions is beneficial.
Compensation Program Design & Development
HR Consulting Solutions has the expertise to help your company develop and maintain a customized economical compensation structure. Most important, a structure that is aligned with the marketplace and your total rewards objectives. Our services include:
- Job analysis and development of job descriptions
- Methodologies for identifying the internal value and level of jobs
- Growth of job families and career paths for employee development and retention
- Market analysis of total cash compensation
- Advancement of salary structures
- Progression of variable pay programs (bonus and specialized plans) that drive employee and company performance
Compensation and monetary rewards help lower employee retention. Individuals want the best pay and benefits associated with their present job. As a result, they cross examine what they are getting with what others in the same role at other companies are making. Rewarding talent is becoming an added recognizable attribute across the country. Additionally, more and more companies are jumping on board with better incentive programs.
Sustainable & Continuous Improvement
Assessing the current state of your rewards package is the first step to define the changes needed to achieve results. However, to sustain those outcomes and continuously improve performance, programs require on-going maintenance and evaluation to ensure legal compliance and cost effectiveness. HR Consulting Solutions provides continued support contingent on your organization’s needs. Some additional services, for example, are annual merit process, salary structure update, internal pay analysis, Fair Labor Standards Act (FLSA) review, bonus and incentive plan revisions and/or design, and employee communications.
A well-designed, equitable and legally defensible compensation plan is an essential tool for organizations of any size, especially as businesses compete for talent in today’s competitive market. HR Consulting Solutions’ compensation professionals have the skills, experience, and knowledge to help you develop practical compensation plans that support your business operations. Give us a call today!