Compensation and Benefits
Getting your pay and benefits right is critical to business success as it can be up to 60% of your total operational costs. Applying a standard compensation strategy that is not fit for purpose is not conducive to motivating a multigenerational workforce. A compensation strategy helps to differentiate you in the competitive job market and increases the ability to attract the talent and feel recognised. The world of compensation is changing and with the right pay philosophy, you can gain a significant competitive advantage over your peers.
People are the heart of any organization, and in order to attract and retain the best talent, you should ensure that your employees are rewarded fairly while remaining competitive in the market. Compensation structures may differ based on industry, market practices and cost of living. We offer HR advisory services to build a compensation and benefits framework wherein your employees feel fairly compensated, and as a business, you are an employer of choice in your industry. As rewards and recognition are one of the most critical psychological motivators, your compensation philosophy should be people centric balanced with business outcomes. We deploy consultants that are experts in this domain and combine local market knowledge of UAE and total rewards best practices.
Our consultants have proven experience across multiple industries. We have delivered job evaluations, pay benchmarking and compensation policies to create a robust and fair framework that is data-driven and also future proofed. Our focus shall always remain to align pay structures with business strategy, mission and vision. Get in touch if you are looking to align your compensation strategy with your overall people strategy.
Our Service Inclusions
Compensation & Benefits Audit
To assess whether your current compensation and benefits are competitive, fair them our compensation and benefits audit is right for you. Our total rewards specialist consultant engages with you to conduct a detailed assessment and audit to validate if your current rewards strategy is coherent and understand which current compensation and benefits align to their business goals. We conduct complete diagnostics to review framework, policies, samples and provide a detailed evaluation report of the effectiveness of the current compensation and benefits in the business.
Total Rewards Strategy
Our consultants have deep experience global and local experience in this domain. We understand the complexity of rewarding talent as they deserve, and the business can sustain. We collaborate with the stakeholders to understand the business and their drivers to create a custom pay philosophy and craft a total rewards strategy that hits the sweet spot between business driven and people focused.
Our team of compensation and benefits specialists work with you to understand the current pay scales and conduct a market based evaluation and provide an expert insight in your market position. We are independent from mainstream pay survey publishers, so we provide an objective and impartial view. Our reports that clearly breakdown complex pay data and provide clear and effective strategies to support your current and future business goals.
Job Analysis, Evaluation & Design
We work with our clients and best practice to understand and determine the relative value of various positions in an organisation. We undertake quantitative and qualitative job analysis based on key criteria for existing job descriptions. From planning and diagnosis through to design and development to communication and roll-out, we can help at every step of the process.
Incentive Compensation & Rewards
Effective incentive plans and variable compensation schemes are known to the key motivators to influence employee behaviour achieve set targets and positively impact on the bottom line. We study the various emotional and rational behaviours that impact design to create motivational and exciting variable pay and incentive schemes. Along with design, we also support companies with strategic and tactical implementation to ensure clear communication, application of the scheme such that the business enjoys long lasting benefits and has a positive return on investments.
Our reward consultants are your trusted advisors to help you navigate the complex landscape of executive rewards and governance. Our consultants work in collaboration provide multi-dimensional approach taking into account internal and external factors to ensure that your business is able to attract, motivate and retain the right leaders to deliver the company’s vision. We create a custom executive compensation and equity programs that align with performance, consider compliance with regulations and satisfies stakeholders.
Compensation Structure Review and Design
We can design, modify or consolidate your existing compensation structure to ensure it is aligned to strategy and is able to attract and retain talent in a competitive marketplace. We understand market-based salary structures for pay benchmarking
What We Can Do for You
Our compensation and benefits services involve practical solutions that are developed based on our combined experience across diverse industries, geographical locations and organization size. We work in partnership with our clients to understand the nature of their business, pain points and challenges to provide a solution that is fit for them. Through this service we can help you:
- Understand current pay practices through data collection, evaluation and analysis.
- Partner with stakeholders to understand each function and their contribution.
- Review job descriptions against an agreed methodology and peer group comparatives.
- Conduct a high-level review of the current compensation model in line with the competitive posture to recommend a framework in line with short term and long-term growth strategy.
- Perform a detailed benchmarking and conducting a comparative analysis.
- Present comparative analysis of current benefits vs market benchmark vs best practice based on various parameters.
- Prepare and present a Total Rewards Strategy, Framework and Policy.
- Assist with communicating and managing the end to end change management process.