A strategic approach to a compensation structure helps organizations better attract, motivate, and retain employees
Compensation is a major factor in attracting and retaining talent. It is also one of the biggest expenses for any organization.
Effective administration of a corporate compensation structure requires a balance between the pay levels for employees inside the company (internal equity) and the pay levels employees could command in the company’s recruiting markets (external equity).
A compensation and/or benefits study can help you answer common questions, including:
- “What do your employees make compared to the market?”
- “Are all your managers compensated within a reasonable salary range for their expertise and experience?”
- “How does your company benefits and perks package measure up relative to your competition for the same talent?”
- “Are you required to offer work injury compensation?”
- “What are the main corporate compensation offer drivers for your industry?”
Supporting the full range of organizational compensation needs
CCI consulting helps organizations design, implement, and manage executive and employee broadbanding pay and benefits programs. We work with clients to define a compensation structure that provides a framework for their corporate compensation offer decisions.
Leveraging industry-leading compensation databases, CCI Consulting provides salary benchmarking and market pricing data that is directly relevant to each client’s strategic compensation plan. This compensation market pricing is used to implement a market-based salary structure in accordance with the organization’s compensation philosophy.
Compensation Strategies Tailored to Your Organizational Goals
Contact CCI Consulting to discuss how we can help you evaluate your current pay structure against industry and geographic market pay data, and suggest changes to improve alignment of pay structures with what is needed to attract and retain required talent.
A food manufacturer with 880 company-owned sales routes had been experiencing significant growth organically and through acquisition. Challenges included high turnover, new geographic territories, and the need to attract quality employees for sales routes. The company also expressed interest in developing a compensation philosophy and a more structured approach to overall compensation including pay bands and guidelines for salary actions company-wide.
Based on input from the client, CCI created survey parameters and survey specifics, closely matching the geography. For best results, CCI utilized two salary survey databases, Economic Research Institute (ERI) and CompAnalyst for market data. CCI delivered survey results showing company location, survey locations, median and mean salary (market value) of each location, and survey incentive percent of base.
Using the survey data analytics tool, the client was able to gain insight into the different perspectives and experiences based on tenure, location, function, etc. These insights were used by leaders at all levels of the organization to formulate actions designed to leverage best practices and address the areas of most significant concern. As a result of the survey and the action planning that followed, the client was able to make significant strides in more fully and effectively integrating the previously disparate businesses.
Learn How CCI Can Help
We welcome the opportunity to connect and support you across a broad range of all your talent and HR needs.