Compensation and Benefits Analysis

Compensation_Benefits

Ensure Your Total Rewards Packages (Compensation And Benefits) Are Competitive and Linked to Your Organizational Strategies.

Strategic compensation and benefits decisions include:

  • Compensation and benefits philosophies
  • Communicating pay and benefits philosophy
  • Compensation and benefits responsibilities
  • HR metrics

Compensation and benefits system design issues are also explored, including:

  • Motivation theories and compensation and benefits philosophies
  • Compensation and benefits fairness and equity (external and internal equity)
  • Market-competitive compensation and benefits (lag-the-market, lead-the-market, and match-the-market strategies)

Specific questions we ask include:

  • Does the plan fit the organization?
  • Does the plan reward appropriate actions?
  • Is the plan administered properly?
  • Do the plans fail to link pay with performance?
  • Does the individual incentive reward the effort and performance of individuals?
  • Do the organizational incentives reward people according to the performance results of the entire organization?
  • Does the organization need executive compensation and benefits?

The following strategic decisions guide the design of compensation and benefits practices for a successful pay-for-performance plan for the organization:

  • Link strategic business goals and employee performance
  • Enhance organizational results and reward employees financially for their contributions
  • Recognize different levels of employee performance through different rewards
  • Achieve HR objectives, such as increasing retention, reducing turnover, recognizing succession training, and rewarding safety
  • Legal compliance with all applicable laws and regulations
  • Cost-effectiveness for the organization
  • Internal and external equity for employees