What can TRS do for you and your company?
At Total Reward Solutions, we know how important employee satisfaction is in today’s competitive marketplace. Benefits and compensation plans are crucial in showing that companies truly care about their employees. Part of understanding this importance is in making sure these plans align with a company’s core values and meet their needs and objectives.
That’s why we focus on projects first – discussing value and purpose at every stage along the way, providing consistent communications and helping maximize the return on your investments. Simply put, we provide innovative HR solutions to maximize employee capabilities and expertise and, ultimately, drive business results that grow an organization’s bottom line.
Total Rewards Strategic Assessment
A total rewards strategic assessment includes a review of organizational strategy, vision, and mission; compensation; benefits; performance management; employee development and training; communications; and other aspects of total rewards. It includes managerial interviews and a review of human resources policies, procedures, and documentation. This is a comprehensive review of all aspects of total rewards and includes recommendations for improvements in each area.
Compensation Strategic Assessment
This assessment solely focuses on the compensation area only and includes a review of job descriptions, internal job evaluation process, external market data, pay structure, internal equity process, and many other areas of compensation.
Total Cash Compensation Review
This review consists of a comparison of current employee base pay, incentive, and total cash compared to market benchmarking. The review can be done by employee category and/or department. This provides a picture of how compensation compares to both market as well as your compensation philosophy.
Compensation Consulting Services
Consulting is provided in many areas of compensation to include philosophy development, appropriate market data scopes, job analysis, base pay salary structures, merit pay structures, job descriptions, policy development, internal equity reviews, discrimination analysis, strategic planning of reward/recognition programs, compensation scorecards, hiring grids, and compensation administration manuals.
This is a 21-point audit that looks at all aspects of compensation to include philosophy, job descriptions, FLSA, overtime eligibility and payment, base pay structure, market comparisons, and many other aspects of compensation to help ensure compliance with compensation and pay practices.
Executive benchmarking is critical to ensure you are remaining externally competitive with your executives. We recommend you benchmark your executives every two years to ensure external market competitiveness. We will work with you to develop a compensation philosophy and pay mix for your executives, help you determine appropriate benchmarking scopes, understand the employment history and relevant experience of each executive to their current position, and recommend both base and bonus compensation for each individual executive. You will receive a report that documents this independent third party process along with final recommendations.
We can design profit sharing/gain sharing plans, management plans, executive plans, customer contact plans, manufacturing/distribution plans, and sales plans. We also consult on incentive plan process development and measurement of sales plan effectiveness.
This service includes market benchmarking of as few as one position to a handful of positions. For single positions, the market data is typically turned in 24 to 48 hours. This service provides three data points for both base and total cash specific to your industry, employer size, revenue or budget size, and geographic location.
Don’t want to handle compensation services internally? Talk to us about being your complete outsourced compensation services provider all year round.
We design as well as provide consulting on performance management plans to include the tie of performance management into base pay increases, if desired.
Areas we consult in concerning benefits are philosophy development, plan design, and cost sharing. We also perform a local market plan design comparison analysis. We have partners to shop benefits for our clients, when needed.
Communications, Training and Implementation
We can draft communications, design and provide training on compensation, and help you implement various compensation changes. We have a partner who can also provide total rewards or compensation statements.