Compensation Services
Establishing and maintaining the ability to attract, retain, and motivate highly talented employees – while controlling total labor costs – is arguably the most difficult challenge for organizations in today’s dynamic environment. No longer can companies afford merely to be competitive, they must use compensation programs to create competitive advantage.
HRM provides the full range of consulting and development services necessary to help clients build, implement and administer fully integrated and effective compensation programs.
Compensation Services Tailored to Your Specific Needs
Our core services include:
Compensation Strategy & Plan Design Evaluation
Determine base pay and total compensation philosophy; evaluate fairness; competitiveness and effectiveness of pay programs; evaluate the design, level and numbers of position; communicate the value of total compensation; survey employees on pay and reward program effectiveness.
Job Evaluation & Analysis
Conduct job evaluation and job analyses; develop employee interview guides; conduct employee and manager interviews; develop compliant job descriptions; develop skills-based job competency models; employee interview guides; re-align job titles to match job responsibilities; and create job family career ladders that support the growth and promotional opportunities of positions
Salary Structure Development
Develop base pay plans with pay grade and range structures; pay increase guidelines, including step progression and differential models; geographic differential pay models; and cost impact of implementation calculations.
Pay Equity Analysis
Conduct internal equity analyses, including adverse impact by race and gender for each job family, pay classification, job title, and organization unit; identify problematic pay anomalies that require further investigation; determine cost impact of adjustments; OFCCP-style AAP compensation analyses and audit management support.
Market Competitiveness Studies
Conduct competitive market analyses (US & Abroad); conduct custom peer group compensation and benefits surveys; develop detailed market competitiveness reports; and provide documentation to support regulatory standards for reasonableness of base and total compensation.
Incentive Program Development
Develop individual, work group, team, and company-wide incentive/bonus programs; develop plan documents associated with the program; and provide detailed costing scenarios and payout templates
Executive Compensation
Detailed assessment of current executive compensation programs against business strategy and business goals; conduct market competitiveness analysis that may also include custom surveys to collect details from the marketplace on incentive plan design, benefits and executive perquisites; recommend the appropriate level and mix of pay related to base pay and incentives/bonuses; develop incentive programs that include targets and plan design; provide plan documentation on to support regulatory standard for reasonableness of base and total compensation, and develop and update executive contracts
Board Compensation
Market analysis of board compensation, which may also include custom surveys on the various components of board compensation; and recommend updates to the current board compensation program
New Program Implementation
For base salary and/or incentive programs, provide implementation support related to new program rollout; includes program documentation and communication; and manager training.
Ongoing Compensation Administration Support
Ongoing support for compensation programs related to grade change requests, promotional requests, market pricing for individual job classifications, annual updating of salary structures, job evaluation requests, title adjustment requests; job description updates, documentation updates to policy and procedures, merit increase modeling, geographic assessments, on-site support, ongoing manager training, and ad-hoc presentations to executives or the board of directors.