I specialize in total rewards and compensation. My services cover…
Client: Retail Industry
Size of Company: 50-100 employees
Background: Some months back, one of my first clients approached me due to concerns about a consistently high turnover rate among its employees. They needed a strategy to enhance employee satisfaction and retention. This is how I did it:
Week 1: Initial Assessment and Stakeholder Engagement
I started with conducting interviews with key stakeholders to understand organisational dynamics. Then, analysed existing HR practices and identified turnover pain points.
Week 2: Data Collection and Benchmarking
Gathered industry data through salary surveys and competitor analysis to establish a baseline for compensation, benefits, and market trends.
Week 3: Designing Comprehensive Total Rewards Strategy
After getting all the data, I immersed myself in the analysis. And there it was! I identified the possible reasons of high turnover. Collaborated with the client to develop a holistic rewards program. This included competitive base salaries and benefits as well as introducing professional development opportunities and recognition programs. The strategy was tailored to the organisation’s values, goals, and the preferences of its employees.
Week 4: Implementation, Communication, and Continuous Monitoring
We worked closely with HR to establish salary ranges for different roles, considering factors such as experience, skills and market demand. Additionally, formulated clear promotion guidelines, outlining the criteria for advancement, and ensuring a fair and consistent approach across the organisation. Moreover, we established feedback mechanisms for continuous improvement.
Results:
– Reduced turnover and increased employee satisfaction.
– Improved talent acquisition and employer brand.
– Enhanced workplace morale and culture.
– Achieved a sustainable and adaptable total reward framework.
Client: Banking Industry
Size of Company: +150 employees
Background: The company was going through a high turnover through different job grades.
This project covered 7 job grades distributed through headquarter and several bank branches.
The company had a compensation program, but they had not adjusted their rates since the program was initially put in place.
The plan included:
– Conduct market pay analysis for all 7 grades using salary surveys.
– Provide an alternative to the current structure for the company to consider.
After conducting a deep analysis of each job grade to understand industry-specific market conditions, it was found that 64% of employees were paid below the market, mainly focused in 3 job grades.
Taking into consideration the high cost of the salary adjustment to meet the market, I designed a 3-Year Salary adjustment plan by grouping employees based on tenure, experience, performance, and their actual compa-ratio. Additionally, it was recommended to invest in employee recognition programs which would positively impact the retention of best performers until the end of the salary adjustment cycle.