Compensation and Benefits Assessment
The Compensation and Benefits Assessment focuses on ensuring your company’s compensation and benefits programs are: in legal compliance, are delivering an appropriate ROI, provide the right performance incentives and are delivering best value for your employees. We will look at current systems, check to ensure legal and diversity compliance, gauge whether the company’s HRIS and online systems are delivering as designed and determine if the benefits programs are a good value for the Company and your employees. We also compare “policies vs. practices” and the skills and competency of the personnel delivering your systems.
- Understand the components and functionality of the complete Comp/Benefit systems.
- Standard salary systems, bonus and commissions structures, leadership plans, incentive plans and option.
- Formal medical and health programs vs. Affordable Care Act
- Informal perks vs. expected ROI
- Assess the status of your company’s HRIS and Online systems.
- Determine your compensation and benefits strategy (stated vs. practice)
- Complete a gap analysis of your systems vs. best in class organizations.
- Provide recommendations address the top priorities discovered during the gap analysis
Length of Assessment
- 0.5-1.5 days for data collection (dependent on the systems under review)
- 1-2 days to assess and validate the current systems via interviews/audits with subject matter experts, leadership and key stakeholders
- 1-2 days to create a final report: process, milestones, focus areas and expected outcomes
Typical Focus of Assessment
- Various compensation systems (hourly, executive, delivery systems, HRIS and pay structures: base, bonus, commissions)
- Comparator companies, stated strategy, recruiting and retention implications
- Site variations with practices, policies and procedures
- Implication and Alignment with Performance Management/Evaluation systems
- Potential Diversity variations
- Data review
- Interviews – employees, leadership, stakeholders, board, contractors, etc.
- Audits of existing systems, policies and procedures
The compensation and benefits assessment output is a report covering:
- Existing resources, measures, practices, expectations, strategies, etc.
- Gap Analysis vs. Best-in-Class organization, expectations of the company and leadership
- Prioritized list to focus attention