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Process



Our Process

Knowing what to look for, and which questions are the right ones to ask, are why Compensation Resources, Inc. has been successful in helping a wide variety of clients. In the course of each consulting assignment, our professional team goes beyond the obvious. We will ascertain which factors in your industry, and, more specifically, in your company, are the critical ones. By spending the time to understand your organization, we are able to more effectively design compensation programs that successfully meet your company's objectives.

The process begins when we meet with you and members of your management team to discuss your company's culture and perceived needs, as well as thoroughly explaining our process. Based on this input and our assessment, we will devise a suggested plan of action.

In most cases, the study will typically cover the following nine (9) steps: 

  • Prepare a work plan covering approach, timetable, responsibilities and deliverables 
  • Clarify your compensation strategy (as it relates to your business plan) 
  • Identify resources and collect data 
  • Conduct a thorough investigation and analysis 
  • Design an appropriate plan
  • Test and model assumptions
  • Prepare and review findings and recommendations
  • Assist in program implementation, communication, and training
  • Provide on-going program support and follow-up
 
Our responsiveness, thoroughness, and expertise are what make each of our projects successful.
 
Learn more about the process of working with Compensation Resources, Inc., and about the specific services we offer, including Executive CompensationSales CompensationPerformance Management and Litigation Support.

 

Considerations

In order for a compensation program to be well-received by the employees and serve as a source of motivation, it must be easily understood and credible. This requires a simple, straight-forward program that can be easily communicated to employees. The program must be linked to the organization's human resource philosophy to ensure that solutions are realistic. Consideration and application of both internal and external factors focuses on incorporating important elements into the plan's design.

 
Internal criteria used in evaluating effectiveness of compensation:
 
  • The form of company ownership
  • Need to attract potential talent
  • Stage of business development
  • Short and long-term business objectives
  • Financial condition and cash flow
External criteria include:
 
  • Industry standards
  • Existing competition in the marketplace
  • Desired competitive position
  • Labor pool
  • General economic conditions

 

 

 
 

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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