Our Human Capital Consulting (HCC) compensation experts have extensive experience in helping clients develop effective compensation strategies that drive both employee and organizational performance, including base and executive pay plans, incentive plans and total rewards strategies.
A base pay system that is both internally equitable and externally competitive is essential to organizational success. After understanding how compensation fits into your company’s overall objectives, our HCC team will work with you to create and implement a compensation plan that:
- Is in compliance with all laws & regulations regarding compensation
- Establishes pay grades & ranges to provide consistency throughout the organization
- Is cost effective for your business
- Supports your promotion & retention strategies
Executive Compensation Plan
Executive compensation has come under intense scrutiny in recent years. Many companies are looking for outside expertise to help guide them in striking the right balance between market competitiveness and shareholder objectives. If you need assistance in developing a fair executive compensation plan, we can help.
SilverStone Group’s HCC Team can assist you, your Board’s Compensation Committee and/or your Board of Directors in the following areas:
- Providing market benchmarks & industry trend analysis to ensure compensation plan competitiveness
- Creating the right mix of base, incentive & equity ownership in an executive’s total compensation plan
- Aligning executive compensation plans with the short- & long-term objectives of shareholders, as well as the corporation
- Managing the tracking & costing of the executive compensation plan over time
- Encouraging accountability within Compensation Committees of the Board
- Helping not-for-profit organizations comply with laws related to intermediate sanctions
An incentive bonus pay plan provides after-the-fact, discretionary, extra-cash compensation (in addition to base salary) to employees according to productivity, profits, savings, and/or cost avoidance. If designed properly and used in conjunction with a sound compensation plan, this type of variable pay plan creates accountability and aligns the goals of the employee with those of the employer.
Years of experience with incentive plan design and implementation have helped us to identify the factors that make a plan successful. Our consultants will work with you to ensure that:
- Eligibility is clearly defined & limited to key members whose judgments & decisions truly impact overall results
- Performance targets are easily understood & easily measurable
- The criteria for measuring performance & results are clearly communicated to participants
- Award levels are significant & competitive enough to motivate employee performance
- A formal mechanism is in place to determine bonus funds
Attracting and retaining the right employees requires a competitive compensation plan. Given salary and benefits data is usually proprietary, how do you know whether your company is on par with the rest of the market?
Our compensation experts maintain a comprehensive library of third-party compensation surveys, including executive level compensation and employee benefit data, which allows us to perform a compensation market analysis based upon organizational size, industry and geographic location. Our consultants compare your organization’s compensation structure against industry benchmarks and prepare compensation recommendations for each position we evaluate. Finally, we publish an annual summary of projected merit and pay range increases to help you remain current.
See how SilverStone Group can help you develop a competitive compensation plan for every level of your organization; call 402.939.6757 in Omaha, NE or 605.782.9898 in Sioux Falls, SD or 480.563.2615 in Scottsdale, AZ.