QUICK LIST OF CORE SERVICES
Finance, Insurance, and Real Estate Compensation
The financial services sector comprises a broad range of industries including banks, credit unions, investment companies, insurance companies, and real estate firms, many of which operate within a highly regulated environment. Economic conditions create volatility in this industry, which can adversely affect compensation philosophies and has direct implications on compensation plan designs.
As compensation consultants, Compensation Resources works with clients in this sector to ensure that their pay programs do not outstrip their own financial capabilities or incentivize a disproportionately high amount of risk. Sound plan designs that align with regulatory guidance and best practices are key aspects maintained throughout our collaboration.
Compensation Resources has extensive experience working within the finance, insurance, and real estate sectors, developing effective compensation programs that align with organizational strategic plans. We have provided compensation consulting services in the following areas:
- Executive Compensation
- Board of Directors’ Compensation Studies and Advisory Services
- Competitive Market Studies
- Base Pay Administration
- Incentive Compensation
- Deferred Compensation
- FLSA Classification
- Performance Management
Case Study: Salary Administration and Performance Management
- The Board wanted an external consulting perspective, as there was general concern regarding the credibility of the existing compensation process.
- Turnover was on the rise, and exit interviews indicated that pay was the issue.
- There was a concern that pay and benefits were not competitive with the market, but the client was not certain.
- Staff were given automatic pay increases, and grade assignments tied to seniority.
- The Board wanted to move to a pay-for-performance program.
- Assisted the client with articulating and adopting a Total Reward Philosophy that emphasized market driven compensation tied to performance.
- Used empirical market data and industry practices to develop appropriate Total Reward levels for all positions, covering pay and benefits, consistent with the Total Rewards Philosophy.
- Client determined that it would compensate employees at the competitive market levels.
- Instituted a new performance evaluation process that would support the move to a pay for performance Salary Administration Program.
- Supported the client with implementation of the new programs, including communication to staff and training of managers.
We are available to answer any questions you may have and to provide the necessary compensation consulting support to your organization. For more information, please contact:
Mary Rizzuti, CCP, PHR, SHRM-CP
Diana Neelman, CCP, SHRM-CP
Sara Schmidt, CCP, PHR, SHRM-CP