Our compensation and benefits consulting services cover a broad range of assistance.
The compensation and benefits consulting includes total rewards spectrum, from market pricing and salary structure development to the complete design of organization-wide compensation strategies and systems, sales incentive and variable pay programs.
Compensation & Benefits Consulting
- Total Rewards Strategy: A total rewards strategy typically consists of an organizations approach to the design and implementation of its compensation and benefits programs. An effective Total Rewards Strategy support an organization’s mission, goals and business objectives, as well as it’s organizational culture. ERC can help develop, refine or articulate your Total Rewards Strategy.
- Market Pricing and Broad-Based Pay Analysis: Assessing market competitiveness of pay across your organization can be a tricky business. Interpreting various survey data sources and determining comparable job matches requires a deep understanding of jobs and organizations. Many organizations have ‘hybrid’ or jobs with combined skills and responsibilities, making the market pricing even more challenging process. ERC will help you to determine market pay competitiveness, identify gaps, and develop action plans that move pay to competitive levels.
- Salary Structure Design: A salary structure should be aligned with your competitive pay levels, internal job equity and practices, and your Total Rewards Strategy. ERC will design or modify your existing salary structure based on industry best practices, and ensure it’s an effective tool for attracting and retaining talent.
- Sales Compensation Effectiveness: Sales force turnover? Incentive plans that don’t inspire results? Sales force effectiveness issues have many root causes that typically go beyond compensation plan design. Solutions are best when tailored to the organizations sales roles, business metrics and desired outcomes. ERC has practical solutions to sales effectiveness, compensation and commission plans issues, that deliver the required ROI to your organization.
- Variable Incentive Plans: The emphasis on variable pay varies by organization, industry, and is an integral component of any Total Rewards Strategy. Many high performance organizations utilize variable incentive plans to further drive and reward behaviors that result in the achievement of organizational goals or success. Organizational priorities change over time, and incentive plan design need to reflect current objectives. ERC designs variable incentive programs of all types, including management plans, team-based plans, individually based programs, and everything in between.
ERC’s compensation consultants all have over 20 years of hands-on corporate and direct consulting experience and are supported by ERC’s wealth of up-to-date local, regional and national compensation and benefits survey data.
Compensation Program Review
Included, for a low, flat rate fee:
- 2-hour discovery meeting to discuss your compensation program challenges
- Review and analysis of your compensation program
- Written assessment and recommendations
- Follow-up meeting to review recommendations
If your organization is struggling with base pay issues, sales compensation or incentive plan design, executive pay or pay for performance, our review might be an ideal platform to evaluate immediate solutions.