How We Work
Our Philosophy
At Compensation Resources (CR), we assume three roles as we undertake our responsibility with our clients:
- Facilitator,
- Educator, and
- Partner.
As facilitators, we assist clients in clarifying their company’s direction and identifying what they wish to achieve through their compensation programs. We provide the guidance necessary to consider a variety of opinions and help the client decide which approach is the most appropriate.
As educators, we provide a comprehensive understanding of the compensation issues and alternatives, and how they affect the company’s competitive market position.
As partners, we work with clients to maximize their resources and use the programs we help them develop. We focus on the client’s independence, which has allowed us to maintain relationships long after the completion of the original project.
Our Process
Our 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 explain our methodology. Based on this input and our assessment, we devise a suggested plan of action.
The study will typically cover nine 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 thorough fact-finding and analysis.
- Design a program that aligns with your unique environment.
- Test, model, and discuss alternatives.
- Prepare a methodology, findings, observations, and recommendations report.
- Assist in program implementation, communication, and training.
- Provide ongoing program support and follow-up.
Our Criteria
For a resulting compensation program to be well-received by the employees and serve as a source of motivation, it must be comprehensible and credible. This requires a simple, straightforward program that is easily communicated to employees. Also, the program must be linked to the organization’s human resource philosophy. That way, the 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 the effectiveness of compensation:
- Form of company ownership
- Need to attract potential talent
- Stage of business life cycle
- Short- and long-term business objectives
- Financial condition and cash flow
External criteria used:
- Industry standards
- Existing competition in the marketplace
- Competitive Positioning
- Labor pool
- General economic conditions
Our team goes beyond the obvious, knowing what to look for and which questions to ask. By spending the time to understand your company, we more effectively design compensation programs that successfully meet your objectives.
