Compensation Consulting
With more than two decades of experience, we work with organizations to create work environments that empower employees to succeed. We build market-driven, compliant, consistent, and innovative compensation philosophies and programs designed to attract and engage top candidates, improve retention, enhance productivity, equitably reward employees and reduce litigation risk.
Benefits of Building Updated, Consistent
Compensation Philosophy & Programs
As experts across the full talent cycle, hrQ’s compensation consulting approach is grounded in a deep understanding of how compensation and rewards strategy affect business and talent acquisition and retention outcomes. hrQ’s compensation consulting analyzes the latest market data and considers implications of the post-pandemic remote work and hybrid work environments to provide evolved and tailored solutions that align with and support our client’s specific needs, culture and values. We look at client-specific strategies and innovative approaches to help you achieve your specific talent objectives. Here are some ways compensation consulting can help simplify your people equation:
Broad-Based Compensation Strategy
Compensation strategy is a significant focus for our firm. Keeping current market dynamics in mind, we assess the current state of the organization’s practices across compensation strategy, the employee value proposition, job classification, levels and compensation, and career development. Through this holistic approach, we create an integrated compensation philosophy that drives the organization’s strategy and is scalable. The final compensation philosophy will include implementation guidance and messaging for educating and training managers and employees.
Methodology
Base Pay
We utilize benchmarking to analyze the base pay your jobs should possess to remain competitive in the marketplace. We then recommend a salary structure that gives you an equitable framework for making pay decisions for new hires and promoted employees.
Sales Compensation Analysis & Strategy
Optimize sales performance by motivating your team with a thought-out compensation strategy that rewards outstanding behaviors and achievements and drives the desired results in terms of overall goals and business line goals. We ensure your compensation plan aligns with your short-term and/or long-term sales objectives.
Executive Compensation Planning
With the organization’s vision and mission in mind, we provide the information and guidance on the executive compensation plan needed to attract and retain key executive hires. Never has the competition for top talent been more intense, and the appropriate executive compensation package been more important. We assess the different elements of your organization’s current executive compensation plan, then offer guidance on salary, short-term incentives, and long-term rewards.
Compensation Equity Analysis and Strategy
It is important to ensure pay, structures, policies and practices are compliant, possess internal pay equity and are externally competitive. We work directly with clients to analyze the organization’s current pay programs and identify any equity issues or opportunities for improvement. We then customize a strategy solution and provide an implementation roadmap.
Rewards Strategy
We help our clients create or ensure their overall rewards program attracts, motivates, rewards, and retains talent. A new strategy will align with the organization’s core values and strategic objectives and may include both financial and non-financial rewards or incentives.
Performance-Based Compensation & Career Advancement Programs
We help ensure individual performance evaluations align with your organization’s compensation strategy and goals. We can assess an existing incentive plan to identify opportunities for improvement, or we can create a new, market-driven outline of how careers may progress when specific requirements and/or goals are met. We work closely with clients to determine how to best leverage compensation strategies as an incentive for employees to improve performance and continuously advance their skills. Programs may include:
- Annual bonus programs
- Long-term incentive plans
- Sales incentive plan designs
- Project bonuses
Our Approach
hrQ works with our clients through all aspects of the compensation lifecycle – from needs assessment to benchmarking to implementation and evaluation. Our solutions are designed to be easily used, applied, and implemented so that our clients obtain the full value of the investment. We take pride in providing desired outcomes without creating a system that is overly burdensome. We help organizations deliver a differentiated return on their compensation investment – making your compensation investment a source of advantage, rather than just a cost to manage.
Some of Our Compensation Clients:
- Better Business Bureau – Executive Comp Design
- City of Fort Collins – Wage Equity Study
- FirstBank – Broad Comp Design & Executive Comp Design
- Hospice of the West – Compensation & Rewards Design
- Kroger Foods – Broad Comp Design
- ProCase Management – Field and Corporate Team Comp Design
- Stellar Industrial Supply – Sales Plan Comp Design
- Western Energy and Technology – Broad Comp, Executive Comp, and Bonus Plan Design
Our Compensation Consultants
We believe success in compensation is the seamless alignment between company vision, employee execution, and robust data reporting. Our consulting focuses on integrating business strategy and aligning people, process, and culture with rewards to deliver organizational results most effectively.
Our compensation consultants have decades of experience in senior-level leadership roles within a variety of companies such as PepsiCo/Yum! Brands, Comcast, Janus Capital Management, ADT, Arrow Electronics, and consulting work across a broad range of client systems and industries.
Contact us to learn more about hrQ’s compensation services. Let’s Talk.