Most business owners realized the importance of compensation and admit that their employees are their company’s greatest assets; however, few reinforce this statement by investing in the development of effective rewards programs that align employee performance with key business objectives. Flex HR offers strategic and tactical solutions to help companies build and maintain a successful employee value proposition that facilitates the attraction, engagement and retention of top talent.
Most organizations struggle with how to pay their workforce. The rewards or results that employees receive for their work on the job should be delineated by a compensation structure. Typically, human resource managers set strict guidelines for how a worker’s wage can be achieved to improve productivity and organizational effectiveness. As a result, compensation systems play into the strategic goals of the company to grow its people, positions and revenue. Flex HR guides you through the maze of base pay, commission, overtime pay, bonuses, profit sharing, stock options, travel and meal allowances, and even company benefits received to fit individual culture and premeditated growth ambitions.
Total Rewards Strategy
A solid total rewards philosophy and strategy provides the foundation and direction for a company’s employee value proposition. Flex HR’s comprehensive compensation services includes a collaborative approach to identify and prioritize values that will be reinforced through each organization’s total rewards program. This perspective helps create the guiding principles used to develop an appropriate pay strategy, identify competitors of talent, determine short and long-term incentive program needs, and establish the appropriate mix of fixed and variable pay.
The design and development process of an operational employee value proposition program begins with a reliable comprehension of the market. HR specialists are accountable for researching, establishing and maintaining an organization’s pay system. Understanding the current competitive markets for employee pay rates can be tricky. Therefore, leaving this aspect up to a skilled and trustworthy HR professional is beneficial.
Key Benefits of Compensation
- Stock incentives and profit interests
- Long term incentives
- Golden parachute for smooth transition of executive exit
- Performance plans
- Variable pay
- Career ladders
- Retention of employees through a total compensation plan
- Incentive plans
- Stock option management
- Executive compensation packages
- Executive cash accumulation retirement plans
- Profit sharing
- Competitive pay strategies
- Employment tax management for highly compensated executives
- Total compensation pay plans
- Share appreciation
- Salary structures
- Deferred compensation
Teresa, Director of Compensation at Flex HR, describes the Compensation platforms we utilize to assist our clients.
Compensation Program Design & Development
Flex HR has the expertise to help your company develop and maintain a customized economical compensation structure. Most important, a structure that is aligned with the marketplace and your total rewards objectives. Our services include: job analysis and development of job descriptions, methodologies for identifying the internal value and level of jobs, growth of job families and career paths for employee development and retention, market analysis of total cash compensation, advancement of salary structures, and the progression of variable pay programs (bonus and specialized plans) that drive employee and company performance.
Compensation and monetary rewards help lower employee retention. Individuals want the best pay and benefits associated with their present job. As a result, they cross examine what they are getting with what other’s in the same role at other companies are making. Rewarding talent is becoming an added recognizable attribute across the country. Additionally, more and more companies are jumping on board with better incentive programs.
Sustainable & Continuous Improvement
Assessing the current state of your rewards package is the first step to define the changes needed to achieve results. However, to sustain those outcomes and continuously improve performance, programs require on-going maintenance and evaluation to ensure legal compliance and cost effectiveness. Flex HR provides continued support contingent on your organization’s needs. Some additional services, for example are annual merit process, salary structure update, internal pay analysis, Fair Labor Standards Act (FLSA) review, bonus and incentive plan revisions and/or design, and employee communications.