One of the most important elements of employee compensation is communication.
Explaining what and how you pay your employees is critical to ensuring that your employees feel that they are compensated fairly for the work they do. It also helps them focus on achieving and exceeding your organization’s performance goals.
Employees who feel that they are being paid unfairly can be a huge distraction. Employees who do not understand how their bonus works may not even be focused on the right priorities. Effective communication is a critical component of an effective compensation program.
The Millinger Group offers you the following Compensation services:
- Design salary structures (salary grades and broad bands).
- Benchmark pay with companies in your industry and that you compete with for talent.
- Conduct job evaluations and market pricing.
- Design or update incentive plans.
- Review and integrate compensation practices and programs from acquired entities.
- Establish pay equity by analyzing potential pay gaps, determining their cause, recommending proven actions, developing internal and external communications, designing and conducting training, and protecting confidentiality.
- Develop career ladders/progressions for roles in a particular function or business.
- Identify and define competencies and proficiency levels for specific roles.
- Develop manager guidelines for compensation decisions (merit increases, promotions, bonuses).
- Develop compensation communications, presentations, and training for managers and employees.
54% of managers lack compensation communication training
54% of polled organizations answered “no” to “Does your organization provide total reward communication training to managers?” – Pearl Meyer & Partners poll
Your managers are the front line of employee communications. They need to be trained and knowledgeable on how your company compensates and rewards its employees.
40%–45% value mobile devices, social media over higher salaries
A recent Cisco Gen-Y study found that 40% of college students and 45% of young employees would accept a lower-paying job with more flexibility on device choices, social media access, and mobility over a higher-paying job with less flexibility.
It’s not all about the money any more for Millennials (ages 18–32) when it comes to a total compensation package.
Professional Certifications and Partnerships
For Help with Compensation Planning, Contact Us Today!
Are You an HR Leader With Too Many Commitments and Too Few Resources?
Do you often find yourself trying to kick-off, implement, or execute important Human Resources initiatives – without the right resources to get the job done well, if at all?
If so, your answer to meeting these challenges is The Millinger Group.
Why The Millinger Group?
Custom Human Resource services based on your specific business needs & culture.
Partner mentality that “owns” projects, aligns to your strategies.
Women’s Business Enterprise Certification with benefits for you.
Comments From Our Clients
“The Millinger Group offers a high degree of functional compensation knowledge, strategic thinking, and practical application. They also add a level of flexibility to the team and are a pleasure to work with!”
VP, Compensation – Burlington Coat Factory
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