Compensation (Rewards) Services
Submitted by c4ioe on Tue, 03/24/2009 - 19:11
With recent compensation changes based on the new administration's changed regulations and new laws, certified compensation professional services are needed by a significant number of both businesses and non-profits. Some areas where organizations have been seeking expertise from consultants include:
- Lilly Ledbetter Act affecting equal pay
- Changes to executive compensation for bail-out companies (but also affecting those not receiving bail-out money)
- Changes to COBRA and the reduced amount that former employees have to contribute
- Legal issues with executive director pay for non-profits
- Compensation analysis to ensure that salaries are in-line with the market
Other services we provide:
- Using job descriptions and job requirements, conduct an external market analysis of current salary grades and compensation practices
- Provide assistance in restructuring salary grade system - number of grades/bands, levels, % increases, promotions grids, merit increase grids
- Align performance evaluation system with compensation and rewards - base pay, variable pay, etc.
- Provide recommendations regarding total comp. packages for executives, high-potentials, etc.
- Assess current practices and provide recommendations for better utilization of non-financial reward options
- Assess current practices and conduct discussions with incumbents, to determine and provide recommendations regarding commissions and other incentive-based pay
- Develop a Manager's Guide/booklet regarding restructured processes, including the following sections with forms and instructions: Base Pay - how is it determined Setting Expectations- competencies, responsibilities, goals Communicating Expectations & Performance Feedback Performance Management/Evaluation form Determining Base Pay increases, Variable/Bonus pay, Promotional increases Discussing Career Development plans/goals Other Compensation Options
- Develop an employee Performance Guide - which outlines and provides directions and forms for:
- job description format & how job descriptions are developed
- how job requirements are determined
- performance evaluation process and format
- development and career options and opportunities
- reward/compensation - how it's determined; increases, etc.
- Research and provide options for benefits programs and insurance - life, directors, health, etc.