Compensation Strategy and Design
One of the most important aspects that when it comes to attracting and retaining key talent to the organization is compensation. By having an effective and competitive compensation strategy, it helps build the organization by defining what is needed to attract, motivate and retain skilled employees to drive business results.
With a weak compensation strategy, or one that does not fit the overall Business and HR strategies and company needs, it could cause the company to suffer over time. This is due to lack of performance from employees, decreased loyalty and motivation. This causes employees to under achieve or to leave the company for somewhere else that has better compensation to fit their needs.
Optimum HR Solutions will help you to review and/or develop a compensation strategy that is right for your business and will remain sustainable well into the future. We will assess how well your current compensation program supports your organization’s HR and business strategies, and focus on meeting your objectives by looking at:
- Your company’s desired market positioning
- The appropriate mix between base pay and variable pay required to accomplish your objectives
- Types of variable pay that will be included
- Short and long term incentives to make the compensation package more desirable which may include RRSP, performance bonus plan, benefits package, employment assistance plan (EAP), company vehicles. gas cards, etc.
- How to establish links between pay and performance