Compensation consultants add value to all organizations in 3 main ways:
- Keeping pay levels and benefits packages competitive
- Updating incentive mechanisms to appropriately reward performance and stay current
- Improving internal equity and consistency across employee classes and levels
Companies of all sizes from SMB to enterprise, effectively use compensation consultants in many different types of circumstances. For example, when:
- A CEO or a Board that wants to assess whether top executives are paid appropriately, or how much to offer a key recruit
- A CEO or Board has begun work on a merger, acquisition or other significant corporate event like succession planning and wants to address pay for the executive team
- A management team has a desire to develop a performance-based compensation plan across the enterprise
- A company has grown to a point where they need to put some structure around their compensation practices