Leverage employee compensation to retain and attract talent while also ensuring fiscal responsibility
Employee compensation is most often the largest single expense for an organization and is also one of the most influential managerial levers you have available.
Business leaders face a persistent challenge in managing within workforce constraints like pending retirements, difficulty attracting and retaining scarce skills, and having tight budgets.
Knowing that you are paying employees appropriately isn’t just critical, it is an imperative for a well-managed and successful organization.
Stratford Compensation Benchmarking
Compensation benchmarketing is a powerful HR tool to attract and retain top leadership talent for an organization and drive the behaviours needed to execute on strategy.
Compensation benchmarking services include:
- Accurate, current data regarding the compensation levels of your competitor market
- Analysis identifying your current risks or concerns
- Recommendations with cost analysis
- Communications and implementation support
- Define the appropriate peer comparator group to use for benchmarking
- Apply secondary research using our proprietary compensation database, as well as other data sources
- Complete primary research which may involve a custom compensation survey conducted with your unique comparator group
- Analysis and reporting that clearly identifies market positioning and highlights issues or concerns
EVP reviews are valuable for all sizes of organizations, in any sector or industry to:
- Provide clarity regarding competitive positioning of compensation
- Attract and recruit optimal talent and skillsets
- Improve attrition and employee retention
- Optimize total rewards and HR program investment
We work closely with you to understand your unique context for compensation benchmarking .
- Review or develop the Compensation Philosophy that provides the context for assessment.
- Ensure the right comparator group – your competitive market for talent – is used.
- Fully understand your jobs so that we are matching properly and getting you data for the right jobs.
- Use both primary and secondary research methodologies to ensure we obtain the right data.
- Apply our extensive compensation expertise to provide you with both a summary of results and recommendations to address concerns.
Our Human Resources services bring your organization highly skilled and experienced HR consultants with a proven track record of success. To discuss how we can help you attract and retain key talent, contact our HR team today.