Effective and equitable compensation plans are essential for high morale and people success in your company. The Drake team can partner with you to plan and implement compensation systems that work.

 

 





Competitive Total Compensation Plans and Systems

Compensation systems which reward short-term decisions only and fail to recognize long-range planning and sustainability are not in the company’s best interest. Competitive total compensation plans and systems help to guide employees in accomplishing their goals. When employee goals are met, it follows that company goals will also be met. Effective compensation plans also reward employees for their performance and help to retain valued staff.

Salary and Benefit Surveys

Employee salaries and benefits are typically one of the largest (if not the largest) expenditure in any company’s budget. Therefore, every company should be focused on managing their salary dollars well in order to maximize the return on their investment in motivating and rewarding their human capital. To do this effectively requires a periodic review of both the company’s pay practices as well as the competitive posture of the compensation program. Periodic compensation and benefit surveys provide data essential to determining relative strength of these structures and the need for any changes.

As an unbiased third party, our DRAKE team can collect and analyze this data and help to assure that your company is paying appropriately in both good and slow economic times. We offer a customized survey format to assure that comparable information is included for analysis. In addition, the survey format can be either on-line or “paper and pencil” depending on the comfort level of the participant companies.

The data collected is compiled in aggregate form and presented to both the client companies and the participant companies so that neither is aware of specific salary data. Based on the data, our team can provide assistance in selecting and implementing the best pay structure for your organization as well as appropriate processes to use when making salary decisions for new and existing employees. Assistance is also available in the actual placement of employees’ pay within the salary structure. In addition to offering guidance on salary and benefit practices, we can use our extensive Human Resources experience to recognize when factors other than pay and benefits are creating employee problems and recommend effective practices to minimize these issues.
Pay Equity and the Human Capital Management Tool®
Equitable Pay is something that all employees expect – that in relation to others in the work place, they are paid “equitably” (i.e., commensurate with their skills, abilities and contributions.) However, there are times when pay relationships can become unbalanced creating the opportunity for discontent, lowered morale and lowered productivity. To prevent this type of pay disparity, DRAKE has developed a Human Capital Management Tool that allows you to chart the pay relationships of your employees. This visualization makes it easy to justify pay increases for those employees whose pay is lagging behind.

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