QUICK LIST OF CORE SERVICES
Knowing what to look for, and which questions are the right ones to ask, is why Compensation Resources 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 critical. 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 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 ongoing 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 and about the specific services we offer, including Executive Compensation, Sales Compensation, Performance Management and Litigation Support.
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.
- Form of company ownership
- Need to attract potential talent
- Stage of business development
- Short- and long-term business objectives
- Financial condition and cash flow
- Industry standards
- Existing competition in the marketplace
- Desired competitive position
- Labor pool
- General economic conditions