Available from Fox Lawson & Associates, a Division of GBS
Compensation consulting can help today's businesses achieve corporate goals quickly and more efficiently by giving them the tools they need to attract and retain competent employees. For example, according to the U.S. Department of Labor, over six million people are now employed in the field of management. The average earnings per person in this field are a little more than $96,000. This represents the mid-range of salaries for management employees. In order to attract and retain the top managers in the field, additional compensation may be required.
However, funds to provide drastically increased salaries are not always available. Compensation consulting can help companies discover the best use of available salary funds to provide additional monetary incentives for potential management employees. A company might use a pay for performance program, where additional monetary rewards are offered as incentives for maintaining maximum production. In fact, pay for performance programs are growing as a popular method of compensation in many corporate fields. Quarterly bonuses are another possibility. Some management employees may respond well to non-monetary rewards, such as cars, stock options and other material incentives.