CREATING COMPETITIVE SOLUTIONS
Your people are your best asset — and your compensation plan should reflect that. To be effective, your compensation plan must exist as a thoughtful, delicate balance between sustained operations in the present and future, while also motivating and rewarding your people fairly. From gaining acceptance from employees and stakeholders to retaining top performers and planning strategically, an effective compensation plan provides your organization with a competitive edge in the never-ending race for top talent.
Our team has extensive experience in assessing and designing compensation plans for organizations across a variety of sectors. Our experience in both the human resources and financial arenas marries with our industry expertise to provide us with a solid foundation to recommend and implement practical, creative compensation solutions to keep our clients at their competitive best.
When our clients engage in a compensation study, we work closely with senior leadership to develop a compensation program tailored to meet specific objectives. Depending on your needs, we may implement the following measures.
DEVELOP IMPLEMENTATION PLAN
COLLECT BACKGROUND DATA
DESIGN & ADMINISTER A JOB ANALYSIS QUESTIONNAIRE
CONDUCT CUSTOM SALARY SURVEY
JOB BENCHMARKING & ANALYSIS
RECOMMEND CHANGES TO THE CURRENT CLASSIFICATION SYSTEM
RECOMMEND CHANGES TO CURRENT COMPENSATION PLAN
PRIVATELY OWNED GLOBAL STEEL PIPE MANUFACTURER
Attracting Talent With Competitive Compensation
Like many companies in their industry, this fifth-generation, privately owned global steel pipe manufacturer found competitive pay practices to be a critical factor in attracting new employees and retaining existing talent. Recognizing this, the company engaged SSA to assess its existing pay plan for the purposes of streamlining its salary structure, improving market salary competitiveness, and enhancing its ability to hire and retain top talent.
Based on interviews with the company’s top executives and a comprehensive review of relative internal information, SSA identified 87 jobs to serve as the representative sample of the company’s positions for benchmarking. After compressing some of the positions, SSA analyzed 69 positions against relevant market compensation survey data to determine the competitiveness of the positions and the company’s pay practices as a whole. SSA also reviewed the company’s compensation manual and salary structure for market competitiveness.
SSA determined that although considerable variances existed among individual positions, overall employees’ compensation was within market competitive range for both total cash compensation and base salaries. SSA also redesigned the company’s comprehensive salary structure with updated features such as condensed salary grades, more competitive salary range spreads, and customized mid-point progressions. The project team re-slotted nearly 100 jobs into their respective job class and pay grade according to the new salary structure. SSA provided additional recommendations to the compensation administration and presented an implementation plan based on the findings and adjustments needed as a result of the study.
SSA is a team of professionals with diverse academic credentials and complementary, real-world management experience. The expertise of this team enables SSA to provide the quality of consulting services that help organizations improve their performance.
9331 Bluebonnet Boulevard
Baton Rouge, LA 70810