Competitive benefits & compensation lead to employee retention
You know that your company’s benefits and compensation package is a vital piece of your employee retention puzzle. It’s a reflection of what your organization values, and employees and job candidates are paying close attention.
If you want to attract and retain the best talent, you need to be aware of and in line with comp and benefits trends. With a myriad of benefit choices available, it takes constant monitoring to ensure your total compensation package is competitive, affordable, and appropriate for your employees.
strategic HR inc.’s compensation and benefits experts can help you to analyze, design, and/or administer your benefits and compensation programs, giving you the gift of time to focus on other priorities.
Need help managing your benefits & compensation?
We’re here for you. And don’t worry… no project is too big or small.
How we can help with your compensation strategy
You understand the important role that compensation plays in attracting and retaining good talent for your organization, but it can sometimes be overwhelming to determine where and how to make the changes necessary to remain competitive. Our compensation experts can support your compensation strategy no matter where you are in the process. Here are some ways we can help:
Job Analysis/Evaluation and Job Descriptions
To assess whether you’re paying someone appropriately for their job, you need to start with a clear understanding of their role. If you don’t have a job description for the role, we can conduct a job analysis/evaluation to identify the job duties, responsibilities, significance of the role in your organization, working conditions / physical demands, and the skills and expertise needed. We can use this information to create clear and consistent job descriptions to communicate the expectations of the role and how it fits into your organization.
During the job analysis process, our HR Consultants can also help you to understand the difference between exempt and non-exempt from overtime pay under the Fair Labor Standards Act (FLSA). We realize this can be tricky, but with our expertise, you can rest assured your positions will be properly classified.
To determine how competitive your salaries are, you need to identify the market salary ranges that are being offered for comparable roles. Our compensation experts can conduct a Salary Benchmark Review by researching industry salary data, taking care to conduct a job matching analysis to ensure the data best matches your specified roles. Then, we can provide Market Analysis Reports showing the Estimated Market Value (EMV) for each benchmark job.
In addition to developing a compensation structure that’s based on current market data, it’s also important to consider your organization’s philosophy and approach to compensation. Our HR pros can walk you through this process to develop salary ranges that are competitive and appropriate for your company. We can also help you to develop merit and performance-based compensation plans, as well as incentive and bonus programs.
Total Compensation Statements
Total Compensation Statements are a valuable tool to help employees understand the complete value of their compensation and benefits package, including their direct compensation and the employer’s contributions toward their benefits. We can help you to ensure that your Total Compensation Statements are customized for each employee to be comprehensive and reflective of the full value that your organization offers to them.
Is your compensation plan competitive in today’s market?
Finding benefits that best fit your organization
Employee benefits can include alternative work schedules, telecommuting, elder and child care, vacation and sick time, complimentary food/beverages, sabbaticals, counseling (Employee Assistance Programs), student loan repayment, incentive and bonus programs, profit sharing and stock plans, a plethora of insurance options (i.e., medical, dental, vision, long term care, disability, etc.), professional and career development, and so much more.
Organizations of all sizes and all budgets can be competitive in the benefits arena. Sometimes it just takes knowing what your employees value, understanding what options exist in the market, and leveraging ingenuity and creativity to create a benefits package that meets your goals, employee expectations, and your budget.
Let strategic HR inc. help you sift through the dizzying array of choices and find the best fit for your company.
Sample Benefits Projects
- Payroll / Benefits administration, including FMLA
- Analyzing the competitiveness of your current employee benefits
- Identifying creative alternative benefits (i.e., low cost / no cost)
- Creating recognition and rewards programs
Looking for a payroll or benefits administrator?
Here’s what our clients say…
“Our strategic HR inc. consultant did an amazing job getting everyone loaded into the system including benefits, taxes, and groups for our merger. She coordinated everything with employees to ensure no details were missed. Thank you for all you do for us at Oxford Physical Therapy.”
“A BIG thank you to strategic HR for all that you have done for us. I would recommend you to any company that is in need of an HR specialist that can jump in and figure out what is needed and move forward with the project. You were my life saver when I needed you to be and for that I will always be especially grateful.”
“I was promoted to Payroll, AP, Invoicing, and some HR (which I knew very little about). I love working with our strategic HR inc. consultant. She is an inspiration to me! She has helped our company so much! We have a lot of growing to do and we are very pleased to have strategic HR inc. help us lead the way. They have taught me so much, and I cannot wait to learn more!”
Precision Environments (PE) needed to create a formal salary structure. We do not have an HR department and did not know how to achieve the vision. After a market search and talking to a few HR companies, we selected Strategic HR inc. to help us.
The schedule was aggressive but our HR consultant with Strategic HR inc. said she could get it done. She base-lined our compensation with companies similar to PE. Then categorized employees based on several variables. The data our HR consultant assembled was used to create a salary scale for each individual in the company and was the basis for creating the bonus structure. It also created a formal pathway to provide advancement in the company. Our HR consultant created the documents we used to roll out the program… and provided structure to communicate goals and evaluations that have been embraced by employees.
After one-on-one meetings with employees, you could feel the excitement in the office. The teamwork has always been good in our company. But now, everyone is performing a higher level with renewed enthusiasm and purpose. In the short time we had to put the program together I am extremely happy with the results. The compensation program envisioned has been achieved with even more benefits than anticipated. This was a very successful effort. We feel like Strategic HR is our HR partner.