◾ Compare employees’ compensation against the market
– Base Salary | Equity | Bonus
◾ Develop compensation structure and ranges
◾ Articulate a total compensation philosophy
◾ Pay equity analysis
◾ Design bonus and sales incentive plans
◾ Reward and recognition programs
◾ Job leveling and career paths
◾ Interim Total Rewards (compensation and benefits) leader
◾ Benefits benchmarking studies
◾ Performance management
◾ Transition off PEO and refine People processes
◾ Identify and select HR third-party partners
You don’t want to lose your best folks to competitors. You don’t want employees that always have one foot out the door if a better offer comes along. Don’t wait until the fire is blazing before extinguishing it.
With unemployment rates lower than ever before, the war for talent is intense. Compensation and benefits (“total rewards”) is supposed to be a simple formula for building and retaining talent. But, without a well-structured compensation plan, it’s hard for companies to keep up with the ever-evolving landscape.
Mary allows her employees to work remotely. Dick makes his employees come into the office. Don’t be a Dick. Providing remote work opportunity to employees offers benefits to employers and workers alike: increased productivity and efficiency, boosted employee morale and engagement, lower stress, reduced turnover, and decreased overhead costs.