Compensation & Benefits Consulting
Our work in Executive Search provides us with the extraordinary opportunity to be directly exposed to compensation & benefits best practices both locally and globally. Through the course of our engagements, and through being in regular contact with industry leaders, we have developed expertise in compensation & benefits strategies at all levels of the organizational chart.
We help translate an organization's business and human capital objectives into rewards solutions. We get to know our clients' organizations on an intimate level and develop compensation strategies that drive business results. We help you design and implement the total rewards approaches that will support your company strategy, improve employee engagement and retention, increase control over human capital costs, and further develop the skills of your HR organization.
Our clients frequently engage with us to conduct annual compensations and benefits surveys of their competitive set to ensure that their compensation & benefits programs are consistently in line with the local/regional market.
Through compensation and benefits surveys spanning over more than 15 years, we have compiled one of the most comprehensive compensation and benefits databases for the hospitality industry in the Asia Pacific region. This broad depth of knowledge of rewards programs/structures across the entire organizational chart from a plethora of companies provides us with invaluable insights.
Our Compensation & Benefits Consulting Services include;
Custom Compensation & Benefits Surveys & Reports
Gain a competitive edge in today’s labor market through obtaining market data covering the full reward package, including all forms of cash compensation, long-term incentives and benefits, variable pay-for-performance plans, allowances, annual leave entitlements, medical/dental, and other benefits for key personnel.
Determine market pay competitiveness, identify gaps, and develop action plans. We can help you compare and benchmark your compensation policies against the market, all of which can be provided based upon job title/job scope, specific segment(s), or a peer group of competitors.
Compensation Plan Design
Gathering salary market data is only the first step. Translating that data into base pay and salary ranges that align with your compensation philosophy and provide both internal and external equity is key to attracting and maintaining an engaged workforce.
Variable Pay Plans / Pay-For-Performance Plans
SKC provides valuable guidance in the design and implementation of variable pay plans that incorporate relevant performance measures and affordability while motivating and engaging top performers.
Accurate, well-written job descriptions provide the foundation for reliable compensation analysis. Our consultants’ decades of combined experience can assist with creating and maintaining precision job descriptions in a format that reflects your culture and your brand.
Total Rewards Strategy
Develop, refine, or articulate your Total Rewards Strategy.
Five Reasons To Hire a Compensation Consultant
The question often arises as to whether to develop your pay programs in-house, or spend the money to hire a compensation consultant. Below are five significant reasons to consider engaging a compensation consulting firm:
Time Factor – A consultant can focus on your issues, without being needed to put out fires, such as the ones you are constantly facing. The consultant can also focus on completing the project to meet your deadline, without any distractions.
Experience – A consultant brings to the assignment the breadth and depth of experience acquired from handling similar problems with a broad group of clients. Therefore, a consultant can quickly respond to your needs without having to “reinvent the wheel” or “learn on your dime.”
Objectivity – A consultant will provide unbiased solutions to your issues and provide alternatives that best meet your needs and administrative capabilities, not those that benefit the consultant. Remember: Be cautious of “one size fits all” solutions, or where their solutions conveniently resemble the products they sell.
Cost/Benefit – Companies have tried working out the solutions themselves, and sometimes they succeed; however, the cost of failure can be immense, since it includes the value of lost opportunities, wasted management and training time, costly recruiting, and damaged credibility with employees. A consultant can laser focus on the problem and develop better solutions quickly.
Availability – Even highly qualified staff need help occasionally, which is why a consultant is important; the consultants have the time, resources and specialized experience to supplement a company’s regular talent.
Why choose Extraordinary Outcomes Executive Search?
A well-designed and relevant compensation strategy is a key contributor to maintaining a highly-skilled and engaged workforce. To be most effective, your total rewards strategy needs to be built upon accurate data drawn from your organization’s unique competitive landscape rather than generalized, one-size-fits-all data. Our compensation consulting services leverage learned knowledge of your organizational objectives, personalized design, and targeted market analysis and research to provide reliable, data-driven compensation solutions that reflect your organization’s values and objectives.
We work from relevant data.
At EO Executive Search, we don’t rely on canned data. We understand that effective compensation decisions should be based upon sound and accurate information that is directly related to your business. We tailor our research to trusted sources based on carefully selected criteria and competitive salary benchmarking to provide the most useful data and recommendations for your compensation goals.
We offer a personalized approach.
We understand that your organization is unique. We don’t try to fit you into a box with rigid formulas or a one-size-fits-all approach. We strive to understand your business and develop a compensation plan and recommendations tailored to your specific environment, from cultural and organizational factors to regional and industry considerations.
We start with a clear understanding of your objectives.
Before developing a research strategy, our consultants invest the time to gain a clear understanding of your compensation goals. This informs the data we pay attention to and drives recommendations and tools that are relevant to your organization.
We provide actionable reports.
EO's compensation reports and recommendations are designed with an executive lens in mind - to be easily tied to budgetary decisions, revenue projections, and company growth. Our goal is to simplify the process of setting salaries by providing a useful tool for making data-driven decisions.
Attracting the Best and Brightest.
EO equips your organization to confidently compete in today’s hospitality labor market where competition is fierce and in no other industry is the war for talent more critical to success. Applying current market salary data to compensation decisions positions an organization to extend job offers that are attractive to top talent while being competitive with salaries for similar jobs.
Retaining an Engaged Workforce.
EO positions your organization to consistently assess and apply compensation decisions. Maintaining salaries that are current with the market, equitable when compared to coworkers, and reflective of an employee’s performance all contribute to a motivated and engaged workforce.
Affordable Access to Compensation Consultants
Compensation consulting doesn’t need to be expensive. EO’s compensation consulting services have been designed to be accessible for growing businesses. Our affordable pricing model offers scalable options that can accommodate the budgetary needs of small to midsize organizations.
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