Salary consultancies are skilled in developing effective compensation plans, incentive plans and performance plans that reward employees. Successful salary experts strategically align employee compensation with a company's business plan and carefully balance market demands with compensation benefits.
With their vast resources, salary consultants offer experience, knowledge and skills to design, implement and manage successful industry salary consulting solutions for your business. A salary compensation consultant enhances your company's human resources capabilities without the need to invest in additional internal staff.
Before beginning your search for salary advisors, it is important to define your consulting needs. Clearly identify the goal of your salary consultancy service, including services needed, time frame and budget. This information will help you select the best salary specialists to meet your specific human resource goals.
When selecting salary compensation experts, research each consulting company and evaluate the following:
1. What kind of experience do the salary consulting companies offer to successfully manage salary compensation in your industry?
2. What services do the industry salary consultants provide to enhance your human resource capabilities?
3. How much should my business invest in salary consulting services?
Hire salary consultants that specialize in compensation services for your industrySelect human resource consulting firms with seasoned professionals who have extensive experience in your business or industry. Ask to see a list of past and present clients, and request references.
Choose salary consulting firms with proven compensation planning skillsReview the consulting work provided by each salary compensation consulting firm. Evaluate the firm's experience, qualifications and request successful examples of the specific capabilities you need, including salary and benefit surveys, performance appraisal systems and incentive plans.
Select salary experts that meet your budgetMany salary consulting companies operate on a retainer with a minimum time commitment. Several utilize an hourly fee or project basis structure. Your salary consultancy cost will depend upon the scope of your services.
- Some salary consulting firms offer standard salary compensation surveys based on specific industries. While these surveys are informative, they do not always take into account the market conditions of specific geographic areas. Request a customized salary compensation survey to ensure strategic compensation solutions for your business.