Compensation & Benefits Planning
Attract, Retain, and Motivate Talent with Strategic Rewards!
Overview
At Haimi Growth Advisors, we understand that a well-designed compensation and benefits program is key to attracting top talent, improving employee retention, and enhancing motivation. Our compensation and benefits planning services ensure your rewards structure aligns with industry standards and incentivizes high performance. We work closely with you to create competitive, fair, and motivating packages that align with your business objectives and appeal to both current and prospective employees.
"Our customized strategies are designed to build loyalty, drive results, and make your organization a preferred employer."
Our Services Include
Job Evaluation & Salary Structuring
Develop structured salary ranges based on job roles, industry benchmarks, and internal equity to ensure fair and competitive compensation.
Market Surveys & Benchmarking
Conduct market research to align your compensation strategy with industry standards, ensuring you remain competitive in attracting and retaining talent.
Benefits Package Design
Create comprehensive benefits packages, including healthcare, retirement plans, and perks, tailored to your organization’s culture and employee needs.
Pay-for-Performance Models
Implement performance-linked compensation models that reward high achievers and drive results, encouraging productivity and engagement.
Total Rewards Strategy
Design a holistic approach to rewards, combining salary, benefits, recognition programs, and career development opportunities to foster a fulfilling employee experience.
Benefits
Competitive Edge
Stand out in the job market with competitive and attractive compensation packages.
Increased Retention
Retain top talent with structured, motivating rewards programs that enhance loyalty.
Performance-Driven Culture
Foster a culture where rewards are aligned with performance, driving accountability and productivity.
Case Study : Revamping Compensation & Benefits to Reduce Attrition and Boost Engagement in organizations across the Financial Services / Real Estate / Semi-Government Industry
Challenge
- Outdated Salary and Benefits Structure: The existing salary scale and benefits were no longer competitive, lagging behind industry standards and failing to attract or retain top talent.
- High Employee Attrition: Increased turnover was affecting productivity, with talented employees leaving for companies offering better compensation and benefits.
- Low Employee Motivation: Stagnant pay and limited benefits contributed to decreased engagement and morale, impacting overall productivity and performance.
Solution
- Market Survey Participation: The company engaged in a comprehensive market survey to gather current compensation data and identify industry benchmarks.
- Benchmarking and Salary Restructuring: A thorough benchmarking analysis was conducted across all roles to align salaries with market standards. A new grade and salary scale system was developed with Min/Mid/Max ranges to offer clear progression paths.
- Revamped Benefits and Policy Alignment: In addition to the salary adjustments, the benefits structure was redesigned to match market trends, and HR policies were updated to reflect industry best practices, supporting a more competitive and attractive work environment.
Impact
- Reduced Employee Turnover: The new compensation model resulted in a significant reduction in attrition, particularly retaining key talent in critical roles.
- Enhanced Employee Engagement: Engagement scores improved significantly, with majority of employees expressing satisfaction with the revised compensation structure, reporting greater motivation and a renewed sense of loyalty.
- Improved Recruitment Success: The competitive salary and benefits structure helped attract high-caliber candidates, reducing recruitment costs and filling vacancies with skilled professionals quickly.
Through these strategic changes, the company successfully created a more attractive and motivating work environment, driving retention, engagement, and long-term organizational growth.
"The team demonstrated exceptional expertise in Compensation & Benefits planning for our organization. Their contributions included conducting extensive benchmarking exercises, analyzing market surveys, and developing incentive schemes aligned with our business objectives. They provided insightful recommendations to our HR and leadership teams, enabling us to make data-driven decisions that enhanced both organizational performance and employee satisfaction. By designing comprehensive structures such as grading, salary scales, and benefits, the team showcased deep subject matter knowledge and professionalism. Their strategic HR solutions have been invaluable in driving our success."