Compensation & Rewards

“If you pick the right people and give them the opportunity to spread their wings – and, put compensation and rewards as a carrier behind it – you almost don’t have to manage them.”

Jack Welch, Former Chairman and CEO, General Electric
Total Rewards Planning

Total Rewards is an advanced model of Human Resource management that goes beyond employee remuneration, which helps organizations to not only attract, motivate and retain, but also ensure building engaged employees, enhancing their performance and improving their competitiveness in the global workforce market.

Our total rewards solutions are always aligned with the business strategies and people needs of the organizations. We support them with total rewards planning which is holistic and integrated in nature, not just technical. We strive to understand the organization and the intrinsic value of the right rewards program. This comes from our solid experience of managing people and processes, what motivates them and how to effectively influence them keeping in mind the elements of total rewards.

With our expert insights and vast experiences, backed by our market-leading tools, research and data, we create a suitable blend of financial, organizational and behavioral aspects of reward, which fits the business strategy as well as the HR goals of the organizations. We also focus on providing strong implementation and communication support, ensuring that it actually translates into bottom-line results for them. This helps organizations optimize their employee reward programs and still do more with less.

Compensation Review and Design

Among all kinds of budgets in an organization, the remuneration cost is of critical importance. With less or limited money to go around, organizations face a very challenging question – that are the employees, especially critical talent, paid enough and in a manner that motivates them and keeps them engaged? Is the pay really proportional to the performance of the employees, is the pay structure really suitable to the environment in consideration, is the variable plan attractive enough to motivate performance and does it have the right reward mix to drive business results?

Our compensation review and design solutions provide the strategy, design and execution support essential to find all the answers and take appropriate actions. Such solutions align pay with jobs and environment, and help better differentiate performance and drive the right employee behaviors. We design effective, globally consistent framework for pay decisions to ensure that compensation is both appropriate and competitive. We help companies gain the required clarity and objectivity to take these decisions and understand where their pay structures stand and why so.

Compensation Benchmarking Survey

Our compensation surveys provide companies the relevant data and analysis that they need to establish competitive and effective compensation plans and salary programs to attract and retain top talent in the market warfare. We design and conduct compensation surveys to meet the needs of companies of all sizes, ranging from start-ups to small-and-medium enterprises to multi-national corporations, across various sectors and industries. We also customize the surveys to tailor make them to match the exact business requirements of the companies in consideration.

Our compensation surveys allow companies to get the most out of the market compensation data, as it helps them to determine where their salary rates for jobs and groups of jobs stand in relation to the relevant labor market. It also enables them to look at the need for and also the quantum of across-the-board or specific demographic or certain skill groups pay hikes, so that they can better manage their salary review programs and budgets at both local and global levels.

We also provide actionable advice to help companies choose and implement the suitable kind of survey from a single market pay assessment to an organization-wide pay practice review. Our rigorous survey processes, together with the accuracy of our databases and the relevance of our analysis, guarantee the delivery of high-quality, robust data and consistent reporting practices. Our database study and custom survey reports give companies that competitive edge for taking decisions during their employee salary review and payout actions that really work at the practical level.

Employee Benefits Study

Just as it is important to know, understand and compare compensation levels across the industry, it is also crucial to have a clear understanding of the benefits offered by similar companies. Our benefit studies help provide companies with data and information to give them a competitive advantage, where they can frame and execute the appropriate benefit programs to attract, reward and retain employees.

Our benefit studies employ a comprehensive process of research and analysis, to provide consistent and comparable data and information, which help us to assess and compare benefit policies and benefit costs across companies. On our part, we turn the data or information into insights and recommendations to transform into reward decisions. We match the companies carefully and then compare on equivalences, so as to determine the right benefit plans and programs for their workforce.

Executive Remuneration

With markets becoming more and more difficult and competitive, companies are facing a huge challenge in terms of hiring and retaining the top leaders. They are striving hard to strike a balance between providing these leaders justified and attractive remuneration, and the increased scrutiny of executive pay and regulatory governance. Our executive remuneration strategies help companies design fair and transparent systems for executive rewards, which balance the views of executives, shareholders and other stakeholders.

We help companies select the appropriate performance metrics and goals, and advise them on the right remuneration to drive business performance and retain experienced leaders. We do not just match job titles and salaries, but assess the actual responsibilities and value of an executive position to design a remuneration package that drives performance and motivates them. Our experience of working with leading organizations, coupled with on-time market data research helps us to establish fair and competitive executive compensation benchmarks. We deliver trusted, objective and appropriate solutions by striking a right balance between total pay mix, risk factors and reward value which are best suited to the needs of the organizations.

For more details, please contact us on: info@merittconsultants.com

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