Compensation
Compensation, or the art of paying and rewarding your employees, is an integral part of your human capital systems designed to attract, motivate and retain the highest quality employees possible.
Family businesses face unique challenges in compensating its employees. Family businesses must take great care in managing its employee compensation budget and getting the best value for its compensation dollar. Are you spending too much or too little? Is the compensation dollar going to the right places for greatest impact and equitable reward? Are employees motivated to perform at optimal levels? Are you distinguishing paying for a position in the company versus paying for ownership?
Does compensation retain the best employees while differentiating levels and position responsibilities? Do your compensation practices link to the business goals you are trying to achieve? What does the total compensation package look like in terms of market competitiveness? Affordability?
Increasingly businesses require higher levels of productivity from its employees, and a motivated workforce that is committed to the success of the business. To gain that competitive edge you need dedicated, motivated employees who respond quickly to market opportunities and go the extra mile for your customers.
How We Can Help
The goal of our compensation services is to ensure you are spending your compensation dollar in the most advantageous manner possible. How do you know if your compensation program is doing what it should be doing? If some of the following symptoms are evident in your organization, it is time to examine how you compensate in your organization.
Symptoms to Look For
- Difficulty in attracting, incenting, and retaining key employees and performers
- Increased employee complaints over compensation and incentive practices
- Salary-related costs are increasing company-wide above 7% a year
- There are concerns about how much to pay family members
- Motivation and performance of employees seems to be diminishing
- Internal bonus/incentive programs seem vague, complicated or don't seem to be working
- Things just are not getting accomplished the way they should
- The reward system does not differentiate the top performers from everyone else
Services and Benefits Provided
- Compensation review and design
- Salary surveys and external benchmarking
- Executive compensation programs (incentive, stock options, deferred compensation)
- Team-based incentive programs
- Total compensation strategies
- Performance management system linked to reward system
- Employee recognition programs
Dohr Family Business Consulting,