- Critical element between employers and employees
- All elements must be integrated to be effective
- More than just ''pay''
- Supports and enhances success of company
- Many design options
- Communication is key to acceptance by everyone
THE FOUNDATION
Compensation is an element of employment critical to both employees and management. Its elements range from simple, to complex. No one program will meet all the needs of all organizations or all employee groups effectively. It is the combination of various elements that makes an effective program. Essential building blocks may comprise the philosophy, the vision and objectives of the organization. Knowing how to define and assemble the compensation elements so they work effectively over an extended period is a highly effective tool for management. P3 has an extensive track record of skillfully developing, implementing, administering, and repairing compensation programs for organizations of all types, in multiple industries.
Compensation means more than just pay. It can be a tool for effective management of resources; a means to integrate operational programs with employee activities. It is recognition. It can facilitate employee recruitment and retention. It is getting the ‘leg up’ on competition or getting more for your money. These are some of the elements that should be considered when creating an effective compensation plan.
STRATEGIES
Our staff of experienced consultants know how to develop compensation plans to support the strategic goals of the organization, that are enduring, can withstand challenges, meet government regulation and still motivate and reward staff for doing the right things.
Our broad based HR consulting organization, knows how to set-up a simple program when that is what is needed. We also know how to construct plans to fit into a system of total compensation. We have established deferred compensation programs, and flex plans that reflect benefits, operating environment, and employment practices. We also understand the different needs between start-up organizations and multi-national organizations; as well as, for profit and not-for-profit organizations. P3 consultants have experience with each of these situations, and work with the management team in a collaborative style to get the right solution.
EXPERIENCE
Assisting management work through key decisions and providing design options are critical aspects of our services. When it comes to implementation, we know how to facilitate matters and make sure the right communication and message gets across to the employees. Our experienced consultants easily work with a broad cross-section of the organization, whether senior management, finance, payroll, or legal counsel. P3 has demonstrated experience with:
- Base pay structures and systems
- Job evaluation plans
- Job descriptions
- Pay for performance systems
- Bonus and incentive plans
- Deferred compensation plans
- Salary and wage administration
- International and expatriate plans
- Budget practices and preparation
- Internal and external market analysis
- Executive compensation plans
- Performance assessment tools and training