Offering an appealing compensation package is one of the best ways to attract and retain top talent. Smart HR’s compensation consulting services can evaluate and redesign your overall compensation strategy or hone specific aspects of it to ensure your offering is competitive enough to get results.
Our experience in the marketplace and analysis of top data resources makes us uniquely positioned to provide your organization with the insight needed to ensure your compensation package will get results.
Here is a closer look at some of our compensation consulting services.
Compensation Strategy And Plan Design
We will discuss your current compensation philosophies and packages with key stakeholders and review the current structure in depth, along with hiring patterns and turnover reports, to determine what is working and where improvements can be made. We will then create a report with our findings and recommendations for your organization’s future compensation strategy.
We can benchmark the salary of specific positions at your organization against the market to guide your overall compensation strategy and make sure the pay levels you offer are sufficient for attracting and retaining the right employees. We will update job descriptions, interview key team members, record current baseline compensation, and assess the current market rate and the influencing factors for each benchmarked position using innovative compensation-related tools. Our findings and recommendations will be reported to your organization’s key stakeholders.
Short & Long-Term Incentive Programs
Incentive programs are highly effective tools for attracting and retaining talent. Short-term incentive plans can motivate employees to meet specific goals and improve their performance year-round, while long-term incentive plans can improve employee performance and retention in the long term by offering rewards for meeting the organization’s strategic goals. Smart HR’s compensation consulting team can help your business to define, establish and execute successful incentive programs.
Sales Compensation Plan Analysis and Design
We offer basic and comprehensive sales compensation analysis and design services, allowing you to choose the degree of analysis needed for your organization. Our basic sales compensation service uses fewer data points and simpler models for a streamlined approach, while our comprehensive offering is aimed at bigger sales teams and businesses that have more complex sales structures.
Our salary administration services include carrying out a competitive market study to evaluate your organization’s pay method’s strengths and weaknesses. We can identify compliance issues and make recommendations for benchmarked and non-benchmarked positions according to the salary structure we recommend. Our experts can create a cost impact report to show how any new structures will affect cash flow, and we can also develop a salary administration manual to guide your business in making future decisions related to pay.
Custom Salary Surveys
Smart HR can develop custom salary surveys to guide your compensation decisions. We’ll gather baseline data, develop a survey and initiate a rollout and marketing plan. This will allow us to compare your compensation data to other organizations and make recommendations for improvement.
Get In Touch With Smart HR
Reach out to Smart HR today to find out more about how our consulting services can provide your organization with the insight needed to create competitive compensation plans that attract high-performing employees.