Strategic Compensation & Benefits Tuning has been saved
Strategic Compensation & Benefits Tuning
Manage cost challenges. Sustain human capital. Retain top talent
Striking the right balance between cost control and employee engagement in the compensation and benefits package is an all-time challenge. The COVID-19 pandemic can easily upset that essential balance, with the level of impact varying significantly across industries and companies. The challenge is to maintain cash flow and reduce cost, while looking for solutions to keep the operational workforce motivated and engaged.
With each change to packages, elements such as fairness, cost and compliance will need to be balanced to ensure all decisions are appropriate across the workforce.
An agile approach to tune compensation and benefit spending, designed to target short- and medium term efficiency gains, including immediate spending reductions, while managing employee satisfaction and experience.
Step 1 Explore - Quick scan of the current compensation & benefits packages
Step 2 Select - (Virtual) workshop to agree on most appropriate tuning based on guiding principles
Step 3 Activate - Final insights report to activate the client’s bespoke tuning
|Is there a clear view on benefits, cost nature and cost drivers?|
|Are compensation & benefits costs in line with ROI and strategy goals?|
|What are the tax and legal implications of planned compensation & benefits changes?|
|How can workforce be retained and motivated during times of crisis?|
|Is KPI setting in STI/LTI schemes aligned to the new reality?|
|Is spend on pension schemes fully optimised?|