Compensation and Benefits
Compensation | Incentives | Job Evaluation and Pay Administration
Performance Management | Employee Benefits | Pay Equity
Salary Projections for 2010
Budgeting for most companies involves estimating where salaries are going in the external market and planning to remain competitive. Often, payroll is the largest expense in company budgets, and getting pay right can mean a competitive edge, particularly in a difficult business environment. In today’s recessionary environment, the company’s financial health can be seriously affected by payroll costs – getting pay right is important.
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Compensation
- Ever lost a key employee to the competition?
- Are your sales reps focused on the right objectives?
- Is your bonus plan really working for you?
- Are your benefits costing too much?
Compensation carries the loudest message that companies send to their employees. How pay and incentive plans are structured tells employees what the company values most, and where employees should focus their attention to achieve personal success. Effective compensation is a major factor in attracting and retaining key staff and it protects your business from the loss of valuable, trained employees.
Pay programs need to be designed well and maintained to assure competitiveness. We offer experience and knowledge to create a pay program that is positioned correctly in the external market, and applies dollars to reflect internal equity and individual employee performance.
Pay Competitively In Your Market
We can help you determine appropriate levels of compensation for jobs in your organization, relative to the external market in which your company competes. Manage your compensation strategy so that you pay your employees correctly for the size of their job. It makes good business sense.
Linking Compensation To Results - Get Your Employees Engaged In Their Jobs
Compensate employee for their performance. Identify top performers and reward them appropriately. We can assist by developing performance assessment and management tools.
Leverage Variable Compensation
Maximize your return on your compensation dollar by directing pay to where it pays off most for your company. Make sure your employees know what performance you value the most. We can help you get your employees engaged so they will maximize their performance.
Incentives
Incentives need to be designed very carefully and monitored to assure that they produce the desired results. Maximize your return on your compensation dollar by directing pay to where it pays off most for your company.
Manage your variable compensation so that you pay your employees for doing what you want.
Set Objectives That Increase Revenue, Margins
Reward employees for doing things that increase profits, which then pay for the incentive programs. Link rewards to performance for maximum impact.
Sales Incentives And Commission Plans
We help our clients to compensate their sales staff in a way that drives sales where they want them, and motivates sales staff to go beyond targets. Design programs that align employee rewards with company success by rewarding results that directly support company strategic needs.
Job Evaluation and Pay Administration...
Understanding the relative internal value of the company's jobs is the starting point for equitable pay programs and matching jobs to the external market. It is the basis for administering pay when planning for promotions, annual adjustments and daily salary administration.
Evaluating Jobs
Job evaluation is one of our strengths, based on many years of experience, and our tools that compare a variety of universal factors that enable us to determine the relative value of each job in the organization. This becomes the basis for developing a pay structure that reflects the company's operational structure.
Performance Management
We work with clients to develop effective performance management programs that look at objectives and how they are achieved, and focus on business behaviours and competencies that are the basis for effectiveness on the job. We help our clients to implement performance appraisal systems that make sense in their environments. We recommend systems ranging from simple paper forms to web-based systems that allow employees and managers to interact and monitor progress during the year. We work with clients to develop an approach that fits each organization.
Setting Objectives
Setting objectives is a process that requires close attention. Managers and employees need to understand each other and be clear on their mutual goals. Well designed objectives are a basis for unambiguous assessment that promotes fairness and improved performance. We teach our clients how to develop effective objective-setting within their organization.
Employee Benefits
Protecting Against Financial Problems Due to Illness or Accident
Everyone needs protection against the financial problems that come with illness, accidents or death. A well-designed benefits program can provide peace of mind both for employees and for the company.
Most employers have a benefits program that provides employees with basic protection from life altering disasters. Without a well-designed program, fewer top employees will be willing to work for you, and your payroll costs may be higher than necessary to compensate.
There are some tax advantages to providing a benefits program as one element of your overall rewards strategy. Let us assist you to design a benefits program that meets your employees needs without costing you too much, or revise your existing program to be more cost-effective while still providing the protection your employees need.
Pay Equity
Pay Equity legislation addresses pay discrimination against female employees. The law requires that all employers pay female employees equally to their male employees for doing work of equal value. All employers with 10 or more employees must analyze their pay practices to positively identify and correct any discrimination.
Our Capabilities
Understanding The Act
The Pay Equity Acts in Ontario and Québec are a little different, and each has requirements that require careful thought.
Managing The Project
Pay Equity usually requires companies to undertake an analysis project to assure that they do not have any systemic discrimination that is not obvious.
Maintaining The Plan
Pay Equity is not a one-time effort. The basics must be maintained in the future, since the Acts are intended to provide a permanent level playing field.
Key Benefits
- Comply with the law and avoid possible fines
- Signal to employees that the organization intends to assure equitable pay
- Correct any unintended discrimination