Much has been said about employee engagement over the last few years as companies focus on maximizing employee productivity. Companies, regardless of their ability to bring in new talent, should nurture the talent they have. Data suggests that as a company’s employee engagement increases, so does the bottom line. Unfortunately, many companies are challenged
It is the time of year when many organizations plan next year’s merit budget and salary structure adjustments. Perhaps you have read articles about how merit budgets are eking up from the historical 3%. It is essential to know the trends within the industry to plan precisely. Depending on your organization’s industry, the expected
Challenge: An organization with long-tenured employees had hundreds of different job titles and were receiving significant complaints about internal equity. Solution Deployed: We conducted a complete assessment of the compensation program. As a part of this assessment, we identified necessary changes that needed to be made to the pay plan. More than $500,000 in
Challenge: A biotech organization requested our assistance to achieve the following goals: Review existing strategies, practices and policies related to compensation across the organization Develop a robust compensation structure that could be implemented and executed consistently for the next several years Provide guidance and recommendations for implementing recommended changes Assist in the development of
While having a salary structure is not required, having one certainly helps to control costs and plan for the future. From the perspective of a compensation professional, here are a few pros and cons to implementing a salary structure and job grades in your organization. Let’s start with the bad news first.
With significant advances in technology and the availability of reliable internet service, professionals in every industry have the flexibility to work virtually anywhere. Distributed workforces with teams of employees and managers in different cities are increasingly common. The result of this increasingly global workforce is twofold: employers enjoy increased flexibility to search more broadly
As small companies grow and add employees, the human resource practices that may have worked in the past may need more defined processes to attain company goals. A recent client had been hiring elite software developers and grouping the new employees into a single engineering job title regardless of skills or experience. A small
Challenge: A client had no framework in place to determine if pay practices were competitive with the market, and managers were not savvy about administering and communicating compensation. Solution Deployed: We researched available salary survey sources and recommended the best surveys for our client. We worked with managers to update job descriptions and benchmarked