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Effective
and equitable compensation plans are essential for high morale and
people success in your company. The Drake
team can partner with you to plan and implement compensation systems
that work. |
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Competitive
Total Compensation Plans and Systems |
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Compensation
systems which reward short-term decisions only and fail to recognize
long-range planning and sustainability are not in the company’s
best interest. Competitive total compensation plans and systems
help to guide employees in accomplishing their goals. When employee
goals are met, it follows that company goals will also be met. Effective
compensation plans also reward employees for their performance and
help to retain valued staff. |
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Salary
and Benefit Surveys |
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Employee
salaries and benefits are typically one of the largest (if not the
largest) expenditure in any company’s budget. Therefore, every
company should be focused on managing their salary dollars well
in order to maximize the return on their investment in motivating
and rewarding their human capital. To do this effectively requires
a periodic review of both the company’s pay practices as well
as the competitive posture of the compensation program. Periodic
compensation and benefit surveys provide data essential to determining
relative strength of these structures and the need for any changes.
As an unbiased third party, our DRAKE team can collect and analyze
this data and help to assure that your company is paying appropriately
in both good and slow economic times. We offer a customized survey
format to assure that comparable information is included for analysis.
In addition, the survey format can be either on-line or “paper
and pencil” depending on the comfort level of the participant
companies.
The data collected is compiled in aggregate form and presented to
both the client companies and the participant companies so that
neither is aware of specific salary data. Based on the data, our
team can provide assistance in selecting and implementing the best
pay structure for your organization as well as appropriate processes
to use when making salary decisions for new and existing employees.
Assistance is also available in the actual placement of employees’
pay within the salary structure. In addition to offering guidance
on salary and benefit practices, we can use our extensive Human
Resources experience to recognize when factors other than pay and
benefits are creating employee problems and recommend effective
practices to minimize these issues.
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Pay
Equity and the Human Capital Management Tool® |
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Equitable
Pay is something that all employees expect – that in relation
to others in the work place, they are paid “equitably”
(i.e., commensurate with their skills, abilities and contributions.)
However, there are times when pay relationships can become unbalanced
creating the opportunity for discontent, lowered morale and lowered
productivity. To prevent this type of pay disparity, DRAKE has developed
a Human Capital Management Tool that allows
you to chart the pay relationships of your employees. This visualization
makes it easy to justify pay increases for those employees whose pay
is lagging behind. |
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©1992-2015
DRAKE & Associates, Ltd. All Rights Reserved. See Privacy
Statement.
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