Reward, Risk, Compensation & Benefits
To gain the competitive advantage, attracting and retaining key employees is fundamental to any organizations on-going success.
It is essential to be positioned competitively in terms of compensation, benefits and reward structures in the Talent market. It is also essential to understand the Risk if this is not the case. This is an investment rather than cost initiative.
The initial definition that comes to mind when discussing compensation is “what a person is paid”. Although in part this is true, it is only one aspect. Compensation also incorporates the rewards and benefits an employee is provided.
Many employees do not fully understand their total remuneration. We have seen cases when an employee joins another company for a higher basic salary only to realize that the total remuneration was less than with his previous company……..Do your employees understand their Total Reward Statements?
Without organizations being aware of their compensation positioning and not having in place a structured yet flexible compensation and rewards program, they run the risk of missing out on talent to competitors be it via new hires or worse still current employees.
We provide a Risk and Reward strategy as well as a highly effective self-service software which provides you with the autonomy to remain in control of your reward strategy.
We offer a comprehensive benchmarking service at both executive and operational levels, providing up to date analysis on where companies are placed in comparison to competitors in terms of compensation, benefits and reward. We then work together to design and implement the compensation and benefits program so the flow of talent is coming in rather than going out.
Our approach is to first of all to understand the organisation in terms of size, geographical reach, markets and short/medium/long term strategy. We will analyze the job content of the posts that require benchmarking in order to gain comprehensive understanding of the roles. Once we know who you are, we are then able, working with you, to suggest relevant comparator groups with whom to benchmark. Our service includes:
- Europe, GCC and Asia regions
- Comparator Group Analysis
- Role Analysis
- Benchmarking Questionnaire Design
- On-line Collation of Data
- Full comparison of roles using Total Pay information including base and specified benefits
- Market Comparison Reports
- One off Job Pricing
Pay Modelling and Recommendations
Job and Organization Evaluation (JOES©)
To ensure that your job evaluation scheme works in practice it needs to be robust, transparent and consistently applied.
We offer expertise in a variety of analytical job evaluation schemes.
We also offer our proprietary analytical system Job and Organization Evaluation System (JOES©).
JOES© is an analytical, web-based framework that can be tailored to match the exact culture of your organization.
JOES© can be linked into your existing competency framework or can be used to underpin a new competency framework.
It includes pay and grading modelling capabilities, appeals process and a variety of exportable reports.
You can also input your current paper based scheme into the web-based data storage facility in JOES© to accommodate various systems including:
Hay, HERA, NJC, GLPC & others.
Our thorough project management / planning service ensures an effective partnership with you and covers the full consultation process, which includes:
- Communication Strategy
- Job Family Identification
- The Evaluation Process
- The Appeals Process
- The Rank Order of Roles within your Organization.
Once this rank order of roles has been agreed, we can work with you to design your:
- Grading Structures
- External Benchmarking
- Pay Progression
- Organizational Progression
- Performance Management
- Internal Training
We can then link the outcomes into training and development and competency frameworks.
Total Reward statements
- Total reward statements are personalized to each employee and demonstrate in a clear and concise fashion the overall monetary value of the benefits an individual receives in addition to their salary.
- The statements can be customized to entirely fit your organizations corporate ethos and can be used to deliver key messages from global heads of the company to all staff.
- Proven worldwide as delivering excellent return on investment for companies by driving high staff morale and loyalty, total reward statements quickly deliver results, with the minimal impact on your human resources department.
- Data is normally extracted from simple CSV files and layouts are easy to manipulate.
It is entirely your choice how many pages you use, their feel and print quality.
- The TRM software allows organizations to create bespoke total remuneration statement templates.
- The templates are fully customizable providing the user with an HTML window that allows the inclusion of tables, graphs, pictures and fully formatted text.
- The system enables an organization to produce bespoke statements for its staff just by creating a template and uploading a CSV file containing the data to be included in each report
- The created statements can be securely stored for future reference.
- All templates are securely stored on the system and can be re-used or amended as many times as is required.
- The system is .NET based and works with all commonly used web browsers.
- All reports are produced as high quality pdfs. These are downloaded directly from the system, and are ready to be passed straight to the printers of your choice, if hard copies are required.
- The system supports multiple users, each user being given a unique login.
Bonus & Incentive Plan Modelling
Our solution is designed to help employers with all aspects of Reward Management and Planning.
The solution is used by employers who desire to have a single automated system to:
- Simplify the calculation and administration of annual bonuses and incentive pay;
- Do budgeting and planning of increases and bonus programs;
- Allocate bonuses according to various business rules and performance factors;
- Give managers discretion to make awards within guidelines.
- Easily produce total reward Statements for employees and other reports.
Easy to Use Solution Increases Compliance
- Accelerated Time to Value with Fast Implementation
- Does away with multiple Excel Spreadsheets