The most successful organizations know that attracting and retaining top talent is essential. Smart HR can help you get this important component of business right through our employee compensation consulting services. Our team can help you evaluate and improve your compensation strategy using our experience with the marketplace and data resources to ensure your company is offering competitive employee compensation plans.
Smart HR’s Employee Compensation Services
Here is a look at some of our most in-demand compensation-related services.
We will discuss your current compensation approach and any concerns that have prompted an assessment, and we’ll follow this with a review of your current compensation structure. We’ll look at performance reviews, bonus rewards, compensation increases, hiring patterns, turnover reports and exit interviews from your organization for an in-depth analysis of your compensation structure. We will then issue a report that explains our findings as well as recommendations and their expected impact.
Benchmarking the salary of a specific position against the market allows us to ensure your pay levels are enough to not only attract but also retain top talent. We’ll work with your team to identify the positions that should be benchmarked, interview key members of your team, record current baseline compensation and assess the current market rate using the latest compensation-related technologies and tools.
Sales Compensation Plans
Sales compensation requires a different approach than compensation for more traditional roles, so we offer a sophisticated sales compensation analysis and development service that will help you get the most out of your sales team while keeping them motivated.
Short-Term and Long-Term Incentives
Short-term incentive plans can help attract talent and incentivize employees to meet goals, while long-term incentive plans help improve your employees’ performance over time. Our compensation team can develop and carry out programs that address both of these important approaches.
Custom Salary Surveys
Custom salary surveys can provide unparalleled insight into your firm’s compensation strategy. We’ll work with your team to identify the positions of concern and review job descriptions before developing an appropriate survey to collect baseline data.
From here, we will work with your management team to identify participants and ways to encourage participation. We will then initiate a marketing plan and issue the surveys. Once collected, we’ll format and analyze them before creating a comprehensive report with our expert recommendations.
Total Rewards Assessments
Our team of experts will assess your total rewards and overall compensation strategy to gauge its competitiveness, including base pay, merit pay, bonuses, opportunities for promotion, equity, paid time off, retirement benefits, career development, training opportunities, health and wellness benefits and other fringe benefits. We will compare this to market data and identify any potential inequities as well as areas where improvements can be made.
Smart HR’s salary administration services can carry out a market study to find strengths and weaknesses in your pay structure, recommend a more effective salary structure, create a salary administration manual, and help roll out new compensation information to your team.
Talk To The Human Resources Compensation Team
Smart HR can help your organization with all matters related to compensation, from philosophy and design to bonuses and equity. Get in touch today to learn more about how our employee compensation plans services can help your business gain a competitive edge.