Competitive compensation programs promote business success. ERC’s compensation consultants can help organizations of all industries and sizes with a range of services from market pricing, salary structure design, and pay analyses to compensation philosophies and retention strategies.
Employee compensation is one of the largest expenses for any organization, and an effective compensation program supports your organization’s business strategy. Organizations that are proactive with their compensation structures and plans are more successful in recruiting, motivating, and retaining critical talent.
ERC’s Compensation Consulting Services
ERC can assess your current programs and help modify or design an effective and sustainable compensation plan going forward. We help organizations determine where they are compared to the market (even specific to their industry, size, and location), then design and implement plans to achieve their goals.
Total Rewards Strategy
Develop, refine, or articulate your strategy.
ERC can assist with identifying the type and mix of compensation and benefits organizations offer to their employees. An effective total rewards strategy combines monetary compensation and other benefits with opportunities for professional growth and development to motivate employees to stay engaged and productive at work. A successful total rewards strategy supports your organization’s vision, core values, and company culture.
Market Pricing Studies
Determine competitive market pay, identify gaps, and make recommendations.
ERC has access to a wide array of local, regional, and national compensation data to help with benchmarking and evaluation for existing and future positions. We provide market pricing studies for a wide range of industries, allowing you to determine market pay competitiveness based on your industry, geography, and company size.
Salary Structure Design
Design or modify your existing salary structure based on industry best practices.
ERC can help assess your compensation program design to ensure pay is in line with the responsibilities and duties of each role. Salary structure design can also help organizations determine appropriate levels of base pay, bonus pay, and other forms of compensation.
Incumbent Pay Analysis and Recommendations
Assess internal pay equity.
Generally done in conjunction with a market pricing analysis, ERC can conduct a pay analysis for your organization. ERC’s compensation consultants utilize a formal process for reviewing the wages of incumbents in a single job title per a standard set of criteria, such as years of experience, performance rating, and/or education level. The objective is to ensure all employees are paid equitably in relation to one another per the criteria.
Frequently Asked Questions
A compensation consultant can support a wide variety of projects, from tactical to strategic. ERC’s consultants specialize in market pricing, salary structure design, pay analysis, compensation philosophy, total rewards strategy, and retention strategy.
Whether you’re looking to hire a compensation consultant to audit and assess your organization’s current salary structure or to develop a more in-depth total rewards strategy, the right skills and background are important.
Look for a consultant with a comprehensive understanding of the compensation field and deep knowledge and experience designing and implementing successful compensation programs. In addition, be sure to work with one who is certified through a reputable organization, preferably a Certified Compensation Professional (CCP).
Also, consider industry knowledge. Working with a consultant who has held compensation roles within organizations and across several industries can add a wealth of practical experience and expertise.
Ultimately, you’ll want a compensation consultant who can work with you and your management team to understand your business goals and develop a plan that supports them. ERC’s compensation consultants have a breadth of industry experience, extensive expertise across all areas of compensation strategy and design, and access to the most comprehensive compensation data in Ohio and nationwide.
The right compensation consultant will assess your compensation strategy and implementation through the lens of your business goals. At ERC, our compensation consultants guide organizations to the following outcomes:
- Competitive compensation that positions your organization to attract and retain top talent
- A pay structure that supports sound, data-based decision-making for hiring and promoting
- A foundation and guiding principles for establishing and maintaining internal pay equity
- A philosophy and strategy designed to effectively use compensation as a lever to achieve business and talent goals
HR Data Supports Successful Business Decisions
When companies undergo a merger, they must take the time to understand each other’s respective cultures, processes, systems, and workforces. Through our rich hiring and compensation data and support from our HR advisors, National Interstate Insurance was able to successfully merge three distinct companies and meet growth projections.