It’s important to consider the overall structure of your compensation system – market pricing, salary ranges, job grades and career levels. But just thinking about it can be overwhelming and tiring. At Prosperio Group it’s our business, and our passion. Let our expertise help you.
With our Comprehensive Compensation Review service you’ll be able to give employees clarity within their roles and team and a well-defined path to career progression. Together, we will clarify job requirements, duties and expectations for each role and at each level to perfectly fit with your company’s culture. We will do the market pricing to ensure you are paying competitive to the external market, and guide you through the process of salary band, job grades and families, and incentive target development so the compensation costs are in line with the economics of your business. We will also help you refine job titles to ensure consistency within and across divisions.
At the conclusion of the project, you’ll have the right employees, in the right roles, with the right titles, in the right places, at the right pay – at all points along their career.
We’ll be there at each stage of the journey.
Our bigger clients often want a deeper understanding of their current issues before deciding what changes to make. We can add on an employee survey to the assessment phase of a Comprehensive Compensation Review project to help you get a better understanding of what your employees’ value from their compensation plan (more than we can gather from interviews and focus groups). If you would like a more holistic view, we often refer clients to Strategic Programs who can administer an employee engagement survey that addresses more issues than compensation. As a result of this work, it may be appropriate that you put your compensation work on hold as Strategic Programs works with you to correct other issues first. This is fine…we want you to have the best outcome you possibly can and we only want to work with you when you are ready.
After you’ve completed a project and lived with the plans for a year, you will find you want to make some changes. This is expected, and even desired. The world around you has not remained the same, so why should your incentive plans? Many of our clients come back to us year-after-year for our help refining and revising their plans to reflect changes in the economy, changes in staff, and/or changes in business models. We’ll help make year-end close smoother with our annual review and update option. We’ll review your plan at year-end and work with you to make all necessary adjustments to the design and documentation for the following year.
If you need even more guidance, we can customize a program with the development of Goal Setting Tools and/or Earnings Calculation Worksheets to help staff compare and understand the new plans, and Management Cost Modeling to help leaders plan for future staffing needs and their associated costs.