Compensation & Benefits Consulting
Compensation and benefits programs act as the lifeline of any company to stay relevant – they add value to drive employee retention and attraction. Versique’s HR Consulting team understands this extensively and use our expertise and skill to align clients with the perfect-fit consultant.
Are you looking for an experienced professional to step in and take on your project? Consultants are brought in for specialized projects to inject experience and know-how to accomplish either short-term or long-term goals. Here are three placement profiles that exemplify our understanding of how we can deliver success to our clients.
- Project 1: Compensation Bench-marking Auditor
- Project 2: Benefits Analyst
- Project 3: Compensation Structure Re-Design Project Manager
Project 1: Compensation Bench-marking Auditor
Compensation benchmarking is an essential cornerstone for any company competing to stay relevant in today’s marketplace. Outdated salary and benefit market assessments can tilt a company into disillusion. At Versique, our proven track record of consulting placements has helped guide our clients’ understanding of which benefits and compensation programs are right for them.
In this instance, the consultant we placed developed a range scenario tool, delineated methodology, and defined market pricing for more than 50 benchmark jobs. He collaborated with six HR generalists to analyze local recruiting trends and document existing pay structures. Lastly, he developed targeted recommendations to complete project plans within the budget
Project 2: Benefits Analyst
Benefits are the investment businesses make in their employees. They help attract and retain talent. An incredible amount of responsibility falls on the Human Resources professionals, tasked with creating the benefits packages companies offer. Versique has a proven methodology to place the right talent with the right fit.
This consultant we placed took on a large 401(k) project, wherein she had to first analyze the existing 401(k) plan and perform an internal audit for key errors. She discovered over $100,000 in QNEC corrections, including employee compensation, payroll codes, and reporting. After thorough review of the accounts and errors, this consultant made multiple recommendations to Sr. Leadership on process reform and appropriate compensation strategy.
Project 3: Compensation Structure Re-Design Project Manager
The ability to finesse the re-design of an organization’s compensation structure may be complex, but it is essential to maintaining competitiveness. Being out of touch with market rates will prove difficult to retaining existing talent, let alone attracting fresh talent. With the right compensation and benefits consultant, you can rest assured your employees are being paid exactly as they should, no questions asked.
Our consultant acted as a key player in the redesign of a company’s compensation structure from 26 traditional grades to 9 pay bands. They worked with HR business partners to correctly slot jobs into appropriate pay bands, based on nationwide market research and price analysis. The consultant also performed an FLSA review of all jobs to ensure compliance, evaluating, interpreting, and communicating compensation guidelines and procedures.
If you’re looking to bolster your benefits and compensations program, contact our HR Consulting team today!