Compensation Planning & Design
The surest way to grow and refine your business? Keep and elevate your best people while continuing to add the right people at the right time. Sounds simple, but in today’s competitive market, it’s anything but. Your compensation philosophy and strategy needs to complement your business goals. That means benchmarking your compensation structure against your industry, competitors and region to ensure you’re competitive and on-point. Working with a firm like Xenium gives you a competitive edge, with access to current compensation data, strategic HR insight and a communications strategy designed for today’s business environment.
How It Works
Xenium’s Certified Compensation Professionals work with you and your team to develop a consistent method for evaluating and communicating compensation within your organization. Whether you need wage surveys or a strategic overhaul, we’ll work with you to design a compensation plan that fits your organization.
What We Do
Up-to-date job descriptions that reflect the actual job duties of the position are key to accessing reliable wage survey data. Work with Xenium to review and edit existing job descriptions to ensure accurate wage survey data.
Though money isn’t everything, it’s important to your employees. A recent Oxford Economics survey found the most important benefits to American employees are competitive compensation (84%), retirement plans (75%), and vacation time (62%). Using the most current data specific to your geographic location, employee size, revenue, and industry, we offer customized wage surveys tailored to your needs and specific positions.
Work directly with Xenium’s Certified Compensation Professionals to review your current compensation model and pay rate by position to uncover any underlying equity issues, compression concerns, and market pressures. And if you don’t have a current compensation philosophy and plan, we can help with that too!
Compensation Plan Design
Your business is unique, and your compensation philosophy and strategy should align with who you want to attract and retain. We will work with you to design a compensation structure that motivates and retains employees, while being internally equitable and competitive within your market.
Total Rewards Analysis
How do you create a total rewards program that has a perfect balance of compensation, benefits, career development and culture that attracts and retains the right people in your organization? We’ll help you analyze your current total rewards package and fine-tune it so your total rewards strategy is mutually beneficial and in alignment with your employee value proposition.
Annual Salary Review & Adjustments
Our compensation consultants will help your company stay current with salary and compensation market trends by using several wage data tools and establishing an annual salary review process.
Variable pay plans can incent the right behaviors by rewarding employees on various key performance measures such as profitability, productivity, quality and teamwork. We will help identify and build a variable pay plan that works for your business and keeps your employees motivated and committed to delivering exceptional results.
Let’s admit it, sales compensation can be confusing to design and implement. As your compensation partner, we will get to know your business and discover the perfect compensation plan that will incentivize your sales force. We can help design a total compensation package with the right mix of base and variable play that ties to your company’s business growth goals.
We will help you build a compensation plan for your company’s executives that may include unique programs such as equity, performance-contingent pay plans, and long-term incentive plans.
Key Position or Individual Job Market Analysis
Have a key position or want to incent specific positions differently? We’ll help you identify and design a unique compensation plan for your key positions within your organization to make sure it’s win/win for you and your key employees.
Compensation by the Numbers:
Millennials say compensation is the most important aspect of their workplace
Employees leave for another job due to compensation
Employees say compensation is the major factor determining happiness in the workplace
Millennials say higher compensation would increase their loyalty and engagement with a company