For most employers, wages are a major expense item, so their approach to compensation can dramatically impact the bottom line. An effective compensation strategy can reward behaviors that drive success and improve employee engagement, recruitment, and retention. This is key for an organization to attract top talent and manage its compensation dollars most effectively.
High performing companies, recognizing the need to invest in and focus on their employees, develop a compensation strategy within the overall HR strategy. The process compels them to utilize market data to set compensation levels appropriately and competitively, reinforce culture, think outside the box with alternative compensation models, embrace variable pay, and practice pay transparency. In short, implementing a compensation strategy contributes to the success of a company through its most important assets—its people.
Need Help With Compensation Analysis and Design?
KMA is pleased to announce that we have added compensation design and analysis to our menu of offerings. Let us help you approach compensation more strategically. Together, we’ll develop a compensation philosophy and policy that aligns with your business goals and culture, helping you to differentiate and elevate your organization in the marketplace.
Here are some of the Compensation Services we offer:
- Compensation philosophy and strategy
- Competitive market analysis
- Salary structure design
- Job description development
- Annual performance/merit review process design
- Incentive plan design
- Compensation communication and education
Is It Time You Approached Compensation More Strategically?
Please contact Kari Meillat to discuss how we can partner to develop and implement your organization’s compensation philosophy and strategy.