Outsourcing compensation design and planning is one way that organizations are trying to stay competitive in the marketplace. Better compensation is the most often-cited reason for an employee leaving an employer. A well-designed compensation plan will allow you to retain the key employees necessary to meeting your business goals.
TurboExecs clients use us for several reasons; however we listed the “top 3” here:
- Compensation design and management are not core competencies of the human resource department, though it is deemed a necessary part of business. Our clients use us to fill this gap in their internal knowledge level.
- Compensation design outsourcing saves the business money. Clients typically tell us they want to keep staff focused on resolving day-to-day operational issues. We can bring the long-term project management focus to the table.
- Outsourcing compensation design and planning means that someone will be actively working on compensation rather than taxing the limited resources of the in-house human resources staff. While we are managing the design project, internal staff can continue to run the other functions of the HR department.
The decision to outsource compensation is not the end of your participation in the process; rather, it is the beginning! You must be ready to roll up your sleeves and be a key player in the design of your compensation plan because you know your organization better than we can hope to. While TurboExecs brings the “know how” to the table, you have the final say on what actually goes into the plan.
For more information on our approach to compensation system design, contact us today at 717.925.3270.
What We do
It is typically acknowledged that there are five distinct areas of total rewards programs that employers use to attract, motivate, and retain key employees: Compensation, Benefits, Work-Life Balance, Performance & Recognition, and Development & Career Opportunities.
TurboExecs can help your organization devise its value proposition to prospective and current employees. Effectively implementing this strategy will result in employees that are engaged, satisfied, and, perhaps most importantly, productive. Employees exhibiting these traits will create the kind of results the organization desires.