Total Rewards is an approach that takes into consideration both direct and indirect compensation.
The labor market has evolved over the past few years and talent is now aware and concerned not only about direct forms of compensation (e.g., basic salary) but also indirect forms of compensation (e.g., benefits). Organizations that take a holistic approach to compensation can competitively and efficiently recruit, retain and motivate talent.
Organizations should also be able to relate their total rewards programs to overall organizational goals, mission and culture while making efficient use of available resources.
A&C is your valuable partner in evaluating current compensation philosophy and salaries to come up with suggestions that will aid your organization in attracting, retaining and motivating talent by providing the following consulting services:
Compensation Philosophy Development – How does your organization think of compensation and rewards? We help develop strategies and policies that help your organization effectively and competitively think of Total Rewards. We also help compensation committees design overall compensation strategies that conform to sound corporate governance.
Executive Compensation Consulting – An effective executive compensation program can help in the efficient achieving of organizational goals and can support overall strategy. Whether you are hiring a new CFO or looking at ways to effectively compensate company CEO and executives, we can help you by market pricing and designing a custom executive compensation program which is both competitive and trust building with employees and shareholders. We guide you through the tax and governance implications of executive compensation. We also work as independent outside advisors to compensation committees for both for-profit and non-profit organizations. We also help with nonprofit executive compensation policies that meet IRS “reasonable” and “not excessive” standards.
Our Executive Compensation consulting services also include Section 280G calculations & analysis, advising on strategies to mitigate the impact of Section 280G, proxy advisory services as well as preparation for ‘say on pay votes’.
Pay equity audits, analysis and strategy – Workplace equity, pay transparency and equal pay matters are becoming paramount to organizational success and employee trust building. We help organizations analyze pay gaps across race, gender, sexual orientation, national origin and other metrics. Our services include designing pay equity programs and strategies whether as independent programs or as part of your organization’s DE&I initiatives.
Market Pricing/Benchmarking – How much salary should a specific position be paid? How do your pay rates stake up against your competitors in the market where you get your labor? When it comes to basic salaries, bonuses, short term incentives and long-term incentives, the labor market is no longer so forgiving. Companies can lose out on good quality talent because compensation is not competitive. Companies can also run high costs if compensation is too aggressive. Organizations need to effectively and strategically decide how much to pay talent as part of their recruitment, retaining and motivation strategy. By utilizing industry and market specific surveys and applying modern data analytics models as well as market analysis techniques, A&C compensation consultants will carry out comprehensive broad-based compensation studies to help you determine where your current salary rates are positioned against the market. We will also help you decide the optimum pay for your talent.
Compensation Structure Design – We help our clients design market competitive base pay systems, salary structures and pay ranges that actually motivate talent and align to organizational goals. Over the years, some states have passed, and more are considering passing salary range transparency laws. A properly designed compensation structure will help comply with these laws and will also provide internal equity.
Incentive planning and design – From bonuses, commissions and other short-term incentives to equity plans and long-term incentives, a properly designed incentive program will help attract, retain and motivate talent.