Total Compensation Assessments
Understanding Your Plan’s Effectiveness Equals Success
Compensation Resources is available to perform a total compensation assessment of existing compensation plans. Our assessments always have a view toward effectiveness, cost-efficiency, and best practices alignment.
The Basics of a Total Compensation Assessment
Our assessments start with a thorough understanding of your company's culture, pay philosophy, and administrative capabilities. This provides a foundation for evaluating your plans. We review plan details, administrative tools, policies/procedures, performance tracking, and communication processes, again with a view towards effectiveness, cost-efficiency, and best practices alignment.
Our total compensation assessments use the four basic objectives of compensation as guidelines:
1.
2.
3.
4.
Total Compensation Assessment Approach
A routine total compensation assessment follows the following roadmap:
- Analysis of current compensation programs in relation to your stated compensation philosophy and strategic business plan
- Comparison of compensation practices to peer companies
- Empirical research to provide industry-specific data regarding best practices
- Recommendations covering modification to the current compensation program, if necessary
- Assistance with the successful implementation of the new program(s), including manager training, communications, and change management
Outcomes from a total compensation assessment may be used to develop and disseminate total rewards summary statements that provide an effective method for communicating the value of your company's compensation plans to employees.
Our Compensation Consultants
Reach Out
Discover how Compensation Resources can help your company with a total compensation assessment.