Compensation Strategy
The right compensation strategy is an essential building block for any successful business. Let HCM Strategies help you set that foundation.
COMPENSATION STRATEGY
ALIGN YOUR COMPENSATION STRATEGY WITH YOUR BUSINESS GOALS.
A succinct compensation strategy that aligns with your organizational values, culture, and goals is paramount. By tapping into our decades of human capital experience, streamlined processes, and unmatched analytical expertise, HCM Strategies can help you expertly craft a compensation strategy that will set your business up for long-term success and sustainability.
BENEFITS:
- Ensure that your compensation strategy is derived using a plethora of labor-market insights—not just a single source.
- Gain a real-world understanding of how your compensation strategy is playing into your overall organizational impact.
- Create the most accurate compensation packages that consider an employer’s unique situation, including, but not limited to, their experience, location, and role.
WHY CHOOSE HCM STRATEGIES TO HELP DRIVE YOUR WORKFORCE STRATEGY?
EXPERIENCED COMPENSATION
STRATEGISTS
More than 40 years of combined experience in human capital management.
Powerful Proprietary
Rate Technology
Comprehensive and holistic market rate data that ensures accuracy and actionable insights.
Expert Analytics
Professionals
Highly skilled analysts that generate data-driven workforce solutions.
SEE WHAT WE CAN DO FOR YOU
JOB CATALOG OPTIMIZATION
CONSOLIDATE AND STREAMLINE YOUR WORKFORCE CATALOG.
Within every organization the alignment of job classifications with market rates is essential to building the foundation of an approved compensation structure. This process is done by conducting a job catalog assessment in order to standardize job titles, levels, and descriptions across your workforce. Our technology can then analyze the data for redundancy, perform outlier analysis, compare rate assignments with market rate data and provide actionable recommendations to keep your program thriving.
BENEFITS:
- Avoid overpaying/underpaying workers who have similar skill sets within your organization and/or marketplace.
- Drive cost savings with an optimized workforce job catalog.
- Align job classifications and skills with up-to-date market rates.
- Define job levels within each job category for more precise rate recommendations
SEE WHAT WE CAN DO FOR YOU
JOB CATALOG OPTIMIZATION
CONSOLIDATE AND STREAMLINE YOUR WORKFORCE CATALOG.
Within every organization the alignment of job classifications with market rates is essential to building the foundation of an approved compensation structure. This process is done by conducting a job catalog assessment in order to standardize job titles, levels, and descriptions across your workforce. Our technology can then analyze the data for redundancy, perform outlier analysis, compare rate assignments with market rate data and provide actionable recommendations to keep your program thriving.
BENEFITS:
- Avoid overpaying/underpaying workers who have similar skill sets within your organization and/or marketplace.
- Drive cost savings with an optimized workforce job catalog.
- Align job classifications and skills with up-to-date market rates.
- Define job levels within each job category for more precise rate recommendations
RISK MITIGATION
POSITION YOUR ORGANIZATION AS THE EMPLOYER OF CHOICE.
Improve talent acquisition and reduce costly attrition. We don’t rely on historical salary data to determine market rates. Instead, our technology taps into multiple data sources to build greater market intelligence. Plus, as equal pay laws are instituted, using salary history to determine pay introduces risk.
BENEFITS:
- Avoid overpaying/underpaying workers who have similar skill sets within your organization and/or marketplace.
- Ensure compliance with equal pay laws.
- Reduction of reputational risk and pay parity
- Improve talent acquisition and retention.
SUPPLIER MANAGEMENT
MANAGE YOUR SUPPLIERS’ MARKUPS ACROSS ALL MARKETS & CATEGORIES.
Working with multiple suppliers, in different markets, with varying bill rates can lead to increased costs and complexity, making it difficult to calculate the optimal market-rate benchmarks for your contingent workforce. That’s why HCM Strategies ensure all vendor MU%'s are competitive. Our recommended bill rates consider all variables, including pay rates, taxes, markups, and other burdens specific to each market.
BENEFITS:
- Greater visibility into supplier markups across your contingent workforce.
- Reduce costs due to inflated vendor bill rates.
SUPPLIER MANAGEMENT
MANAGE YOUR SUPPLIERS’ MARKUPS ACROSS ALL MARKETS & CATEGORIES.
Working with multiple suppliers, in different markets, with varying bill rates can lead to increased costs and complexity, making it difficult to calculate the optimal market-rate benchmarks for your contingent workforce. That’s why HCM Strategies ensure all vendor MU%'s are competitive. Our recommended bill rates consider all variables, including pay rates, taxes, markups, and other burdens specific to each market.
BENEFITS:
- Greater visibility into supplier markups across your contingent workforce.
- Reduce costs due to inflated vendor bill rates.
CONTACT US
WHO WE ARE
With more than 40 years of combined human capital management and analytics expertise, HCM Strategies is a proven expert at helping businesses hire the right talent for the right rate.
ABOUT US