Salaries and Benefits

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Salaries and Benefits

Compensation Strategy

Do you know what the Compensation Strategy is for your company?

 

 

Why Should You Care about a Compensation Strategy?

 

A company without a purposeful and deliberate compensation strategy to pay its employees is like a ship without a rudder. Why? Chances are:

 

  • you are probably either paying too much for your salaries or employee benefits
  • your salary and benefits may be out of alignment with the needs of your employees
  • your pay scales may not meet the needs of your company’s business interests to attract and retain talented employees
  • you do not have all the facts to make informed decisions about annual cost of living adjustments and adding or deleting employee benefits

 

Without a compensation strategy, you are likely over or under spending your hard earned profits on employee salaries and benefits that do not add to increased employee productivity or company profitability. For the majority of companies, their highest expense is paying for employee salaries and benefits. Without careful decision making and management, these costs will grow and escalate every year.

 

A compensation strategy does not require a 12 page report. It simply is a purposeful and deliberate business decision about balancing what your company can afford to offer its employees and what you need to offer your employees to attract and retain them.

 

myHRpro can take you through a review of your company’s compensation strategy and help you to make this important business decision.

 

 

 Salaries

 

  • Are you tired of employees pulling you aside to ask you for a double digit raise?
  • Losing sleep at night, wondering if your best employee is about to walk out the door?
  • Unsure if your salaries are competitive in the marketplace?
  • Have top talent you don’t want to lose?
  • Concerned that you may need to pay even more if you are going to get the people you want?
  • Have you relied for years on ‘free’ salary surveys to make decisions about annual cost of living adjustments?
  • Are you sure that you are compensating the different groups of employees appropriately working at different levels in your company?
  • Have you reviewed the turnover rates for your company and conducted exit interviews to determine if your salary and benefits package is the reason employees are leaving to work for your competitors?

 

If you answer yes to more than one of these questions, it is a worthwhile investment to review the salary and benefits offered to your employees.

 

What myHRpro can do for your company:

 

Establish salary surveys that tell you whether you are competitive in your industryReview your existing pay ranges and align these with the kinds and levels of jobs in your companyCreate pay practices and processes to help your employees understand when they can earn higher salariesSet up pay-for-performance structures that drive resultsCreate profit sharing and bonus programs for top performersHelp you plan for succession and create buy-out plansAssist you with different ways and means to review the compensation packages for your company’s difficult to recruit to jobs and those jobs with high turnover as well as for different occupational groups of jobs

myHRpro takes the guess work out of salaries.

 

 

Employee Benefits

 

  • Uncertain about whether you are in the best plan?
  • Paying what you should for employee premiums?
  • Getting the service you need from the benefits service providers?
  • Do you audit the work done by your benefits service providers to ensure you are maximizing the premiums being charged?
  • How do you negotiate annual premium renewals?
  • How do you know if the employee benefits premiums you are paying are competitive with the marketplace?
  • Are your employees constantly asking for a variety of new employee benefits?

 

myHRpro can help you find the best benefits package that works for your company at the best price. We save you money and make sure you are covered.

 

We will:

 

Seek to understand the coverage you needAnalyze your current plan (if you have one)Help you understand the true costs of adding or deleting new employee benefitsAssist you to structure your employee benefits plan to minimize the taxable benefits to your employeesLead the review process to solicit bids from employee benefits providers and provide details on products and costsCommunicate your benefits services to your staffEnsure your benefits plan is cost effectiveMake sure your benefits plan evolves with your changing company needs

 

myHRpro ensures your overall Compensation Strategy and the salary and benefits gives you the competitive advantage over other companies.

 

Contact info@myhrpro.com to make sure you got this key business expense covered!