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THE CHALLENGE
The organization, a large company with 90 employees across different job titles, was facing a significant challenge. They needed to conduct a companywide compensation review project to ensure that they were offering competitive salaries and bonus plans to their employees for effective talent acquisition and retention strategies.
This project required resources and expertise to conduct a thorough analysis and develop an efficient compensation structure that could help them attract and retain top talent.
The Solution
To tackle this challenge, we conducted a comprehensive compensation analysis for two of their workforces/divisions based on a recent merger and acquisition transaction. We analyzed 90 positions and conducted benchmarks for all existing positions based on external market data relative to revenue size and industry. Using this data, we created broad compensation ranges for total compensation and base pay, ensuring that the ranges were aligned with industry standards and competitive enough to attract and retain top talent.
Additionally, we provided a working spreadsheet with data to assess high performers and retention efforts, enabling the organization to focus on retaining their top-performing employees. Our expert analysis and guidance provided a clear roadmap for the necessary adjustments required for their compensation structure.
The Results
Thanks to our expert analysis and guidance, the organization was able to significantly improve their compensation structure as they build the compensation strategy for their future. They were able to offer competitive salaries and bonus plans aligned with industry standards to attract and retain top talent. The detailed insights we provided in the working spreadsheet allowed the organization to focus on retaining their top-performing employees, resulting in improved employee morale and productivity.
Ultimately, our analysis provided the organization with an in-depth understanding of their compensation structure, enabling them to make data-driven decisions that positively impacted their employees and the organization as a whole.