Compensation Corner: The Many Ways We Provide Compensation Services to Clients
As a valued strategic partner of Total Reward Solutions, you probably know that we offer a wide range of compensation services designed to help organizations remain compliant and competitive. That much is no surprise. But what might come as a surprise are the ways we provide these services. In short, we work with our clients in strategic alignment with their needs, their goals, and their budget. Here are just a few of the common client engagement arrangements under which we provide compensation services:
Project-Based Compensation Services
Certainly the most obvious way we provide compensation services to clients is via projects. Simply put, we can take on specific, focused compensation projects in all areas of compensation, benefits and performance management. Many times, our clients have their routine and ongoing HR and compensation programs on track, handled by internal staff. But when special needs arise, due to limited staff or the need for periodic program reviews, we can step in, work with their teams to accomplish project goals, and then leave their staff to implement and monitor the solutions.
One of the compensation services we provide frequently is Market Benchmarking. With Market Benchmarking we can analyze the external marketplace and provide clients data on the value of their staff positions in their markets without requiring them to spend time and money participating in surveys. We can do this for a single position, several at once, or as a complete organizational position analysis showing how their employee compensation stacks up against other companies in their industry. This primarily externally-focused service can save companies a lot of time and money when compared with purchasing and participating in market surveys.
Outsourced Compensation Services Provider Arrangements
Another valuable and strategic way we work with clients is either on retainer or as their fully outsourced compensation services provider. If their HR and compensation services staff is limited or lacks the skills to keep their compensation programs market-competitive and in compliance with employer regulations, Total Reward Solutions can step into the void and serve as their part-time expert compensation services resource.
Best of all, the services we provide and the amount of time we dedicate to our clients’ needs can be custom tailored in a package to help them accomplish their ongoing goals. Hiring us as their outsourced compensation services provider can help them avoid hiring an additional less experienced employee when all they really need is a part-time expert!
Other Compensation Services
Among the many services we provide, Total Reward Solutions offers certain services you might not be aware of. These include:
- Total Reward Statements to help our clients’ employees understand their total rewards package with customized total reward statements for their organizations.
- Communications and Training services to help our clients develop and design communications or training for their staff or management regarding changes in their total rewards programs.
- Strategic Compensation Assessments that provide a strategic review and direction for compensation programs for the next 2 to 3 years. With an SCA, we can help our clients assess where they are in the marketplace and provide strategic direction for how to get where they need to be in order to remain competitive and attract and retain top talent.
We’ll discuss these in more detail in future posts, but feel free to contact us today to learn more.
The Bottom Line
At Total Rewards Solutions, our full range of compensation and benefit services can help companies manage employee compensation and benefits design and administration. Whether it’s on a project basis, via external competitive analyses, or on retainer as an Outsourced Compensation Services Provider, we can help our clients achieve their compensation program design, implementation and administration goals. To learn more, contact us today at 317.589.8529.
About Total Reward Solutions:
Have a referral for us? Total Reward Solutions is your trusted partner for compensation and benefit services. As you recall, Total Reward Solutions offers a broad range of compensation, benefits, performance management, and reward/recognition consulting services to help your organization attract top talent, motivate employees and retain top performers. We can partner with you on a project basis, on retainer, or as your total outsourced solutions provider for compensation services.
Call us today at 317.589.8529 to discuss how we can help your organization develop and implement competitive and effective compensation and total reward programs.