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Retail Compensation



Overview:

Every element of the retail industry is driven by competition - from product prices to employee wages to marketing campaigns.  Compensation Resources, Inc. (CRI) is skilled in helping retailers to not only develop compensation plans that will make their company more appealing to job seekers, but also to keep the desired, productive staff onboard once hired.  Well-designed compensation packages will provide the basis for efficient operations, and a competitive presence in the industry.

CRI has extensive experience working with retail organizations to develop effective compensation programs that are aligned with organizational goals and objectives.


Specifically, CRI specializes in the design, development, and implementation of compensation and human resource programs in the following areas:


We can provide market data on specific retail jobs.  Please contact Paul Dorf, Managing Director at (877) 934-0505 x111, prd@compensationresources.com or Mary Rizzuti, Principal, at (877) 934-0505 x107, mar@compensationresources.com for further information.

Case Studies:

Case Study #1: Executive Compensation Analysis

Issues:
  • Board of Directors wanted to review total compensation package for Senior Management
  • Wanted to align total compensation package with competitive market
  • Desired a separate salary structure for executives
Solutions:
  • Interviewed members of the Board of Directors in order to understand culture, and confirm their position on compensation
  • Interviewed executives to fully understand their duties and responsibilities
  • Conducted a market analysis to determine the competitive market utilizing published survey and peer proxy data
  • Developed appropriate salary grades and ranges for Senior Management
  • Provided recommendations to the Board of Directors regarding base salary, annual incentive, and long-term incentives 

Case Study #2: Sales Compensation Program

Issues:
  • Current sales process very cumbersome and hard to administer
  • Desired to streamline sales compensation process
  • Needed to focus sales team to push new products and services
  • Wanted to recognize account size with different incentive potentials
  • Compensation levels not aligned with competitive market
Solutions:
  • Adopted a Sales Compensation Philosophy that integrated sales compensation with the business objectives and marketing direction of the company
  • Evaluated competitive market to determine base salary and commission levels
  • Designed sales incentives based on desired mix of fixed and variable compensation
  • Determined appropriate commission levels based on size and complexity of sales responsibilities
  • Developed sales compensation guidelines and procedures to ensure consistency
  • Communicated with employees regarding the new program

Case Study #3: Salary Administration Program

Issues:
  • Company experienced a great deal of growth in past year
  • Desired salaries to be at the 75th percentile of the market 
  • Not all positions had written job descriptions
  • No salary structures in place 
  • No formal policies and procedures to handle compensation issues 
Solutions:
  • Adopted a Compensation Philosophy for determining compensation levels
  • Developed job descriptions for all positions
  • Conducted a competitive market analysis to determine appropriate compensation levels
  • Developed a salary structure for all employees based on the 75th percentile of the market
  • Increased employee salaries to be consistent with the Compensation Philosophy
  • Developed formal salary administration guidelines and procedures to ensure consistency
  • Communicated with employees regarding the new program

We are available to answer any questions you may have, and to provide the necessary support to your organization.  Please contact us or call us directly to speak with our compensation consultants at 877-934-0505.

 

 

 
 

Copyright © 2014 Compensation Resources®

This information is not intended for use without professional advice.

310 Route 17 North, Upper Saddle River, NJ 07458
T: 877-934-0505 or 201-934-0505 F:201-934-0737
e: inquiries@compensationresources.com
 
 


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