Determining your total employee compensation plans and what benefits they should include is a difficult task. Offering competitive salaries and employee benefits that are in line with other New York organizations in your industry is important. Offering the wrong compensation package for your talent pools’ and current employees’ valuation can lead to budgetary variances. Likewise, not offering competitive health benefits, time off and retirement benefits can have unfavorable outcomes including increased turnover or difficulty acquiring talented employees.
How Will You Know If Your Compensation Is a Match for the Talent You Seek?
Our human resource specialists use a compensation benchmarking process to determine the optimal salary and benefits for your compensation packages for existing employees and potential hires. We research your industry and region, studying the trends to find out what compensation packages are being offered by competitors. You will receive a report outlining the compensable factors of your closest competitors in comparison to your employees’ compensation.
This custom crafted report, provided by our compensation analysts, has a variety of uses. The data derived from the report allows you to recruit more qualified talent by offering competitive compensation. They can also be used to identify areas where you can lower costs. With this invaluable information, you will be empowered to know you are making the right decisions for your employees and organization. Compensation benchmarking plans can increase your retention rate and give you the peace of mind that your valuable employees are treated as true assets.