Compensation and Incentive Planning

COMPENSATION

Attract and retain key talent through market-based compensation and incentives

It should come as no surprise that compensation plays a significant role in an organization’s ability to attract and retain talent. It is easy to understand that in a competitive market for labor, organizations that offer compensation packages that match or exceed industry and regional standards are going to triumph in recruiting over those that do not offer competitive compensation.

What is less intuitive is the long-term component of compensation and incentive planning. Organizations often overlook the long-term implications of offering certain compensation packages and pay rates to employees. Questions organizations should consider when designing compensation packages for new and existing roles include but certainly are not limited to:

How does compensation evolve for employees that stay with an organization for 10-20 years?

Is there a change in compensation if employees are promoted or if they get transitioned into a different role?

How do you ensure fairness and equity of pay for those who have been in the organization for decades and for those who just started in the same role?

How should compensation be adjusted to account for economic and cultural shifts?

Because answers to questions regarding short-term and long-term compensation planning should be rooted in robust data, it is often difficult for organizations to confidently form plans and make decisions about compensation without partnering with an HR firm. Knowing this, HRG has intentionally developed necessary data streams for empowering organizations to make informed decisions and strategic plans for their compensation.

A Comprehensive Suite of Compensation Services

By partnering with HRG, you gain access to thorough evaluations, expert recommendations, and actionable tools designed to address challenges such as managing competitive compensation, maintaining regulatory compliance, and supporting sustainable organization growth. HRG helps optimize payroll funds and boost your bottom line by crafting a well-defined compensation philosophy and structured pay plan tailored to your specific requirements. Beyond salary, our team excels in developing comprehensive and equitable compensation strategies, including both short-term and long-term incentive plans. We also ensure adherence to state and federal regulations through robust policies and procedures, alleviating compliance concerns. As you work with HRG on your organization’s compensation and incentive planning, we will implement a mix of the following services:

Market Pricing

Base Compensation Program

Incentive Compensation Planning

Salary Surveys

Job Description Creation

Employee Recognition Planning

Executive Pay Plans

How Compensation Planning Works with HRG

Working with HRG on compensation services involves an intentionally structured and collaborative process tailored to your organization. The engagement begins with a project kick-off meeting with key stakeholders to review your current compensation philosophy, practices, and organizational data. HRG then meets with senior leadership to present our findings and to work together to draft policies and procedures that will guide future compensation decisions. This collaborative approach ensures the compensation strategy is both competitive and equitable, supporting the long-term success of your organization.

What Organizations Benefit from Compensation Planning?

From local businesses to global enterprises, any type or size of organization can benefit from HRG’s compensation and incentive planning service. An organization is in need of compensation and incentive planning if it:

Wants to attract and retain key talent

Has concerns about pay disparities among its employees

Wants to enhance productivity or encourage desired behavior

Is experiencing high employee turnover or low employee morale

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Start a Conversation with an HRG Consultant

Compensation and incentive planning is complex, so we make the process as simple as possible from start to finish by keeping personal interaction at its core. The first step in planning your organization’s compensation is a conversation with our team. Schedule a call with one of our HRG consultants today, and they will take it from there!

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