Our View of Compensation and Benefits
We believe compensation and benefits plans should support a company's mission and drive the outcomes and behaviors which will contribute to its success.
We work with organizations to design and implement compensation and benefits programs that support their business, as well as attract, motivate and retain top talent.
Our Compensation and Benefits Consulting Services
Our compensation and benefits consulting services include all aspects of strategy, design and administration, including:
- Total Compensation Strategies
- Executive Compensation
- Base Salary Systems and Structures
- Incentive Compensation: Team and Individual
- Competitive Market Pay Information
- Custom Compensation Surveys
- Sales Compensation
- Managing the RFP Process
- Targeted Benefit Strategies
Dissatisfaction with pay practices is one of the top reasons employees leave an organization. We help employers create a meaningful compensation philosophy - a story to tell recruits and employees. We also design strategies and plans that support business goals and increase performance and retention.
In other words, we believe each client should have a compensation approach that fits their individual business. We do this using a "balanced reward portfolio" approach. That is, a customized approach to fit an organization's unique needs.
Compensation approaches may vary based upon a company's needs and resources. For example, if a company has limited internal administrative resources, its compensation system should be simple. If a company is growing rapidly, it may need to create incentives for employees to move quickly through vertical career tracks. Some companies have across-the-board increases, some pay for skills and competencies, market price jobs or broad band jobs. We help our clients decide which approach is best for their business.
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Like compensation, a company's benefits package can help attract and retain employees. While compensation more often drives an employee's decision to join an organization, benefits are more often the glue that keeps them there.
The employers we work with tell us they:
- Are seeking a benefits package for their employees that is competitive, but not overly competitive
- Want to consolidate providers to limit the number of interactions to meet their needs efficiently and effectively
- Need assistance finding quality, long-term providers.
We work with clients to design a benefits strategy that meets their unique needs. We can also design and manage the RFP process or introduce quality providers who are already providing great service to our current clients.
Some recent examples of our work in the area of compensation and benefits consulting include:
- Designed a CEO performance management and reward package for a public health organization, working closely with the Board of Directors to identify and document key responsibilities and performance metrics, and defining an effective appraisal process
- Reviewed the management incentive plan of a major retail organization to address leadership issues and concerns; recommended and worked with the leadership team to implement changes in the management incentive which improved plan clarity and performance impact, providing the organization with a better "return on investment" for the award dollars spent
- Conducted a custom survey of compensation and benefits practices among a select group of professional service firms in order to define competitive compensation and benefit program levels, and to identify total reward trends and innovations
- Conducted a competitive market audit of all sales positions for a mid-sized durable goods manufacturing company, analyzing market pay levels, pay mix (fixed versus variable), and incentive approach (bonus versus commission versus combination)
- Developed the first formal base salary program for a human services organization. Worked with the leadership team and the Board to identify an implementation approach that balanced the organization's competitive objectives with fiscal responsibility
- Consolidated providers and services for a client which had a number of vendors for its benefits, but none with enough business to make it worthwhile to provide extensive service and receive discounts. Our client now gets better service and pricing
- Designed compensation models for an industrial production company, utilizing internal focus group data and external survey data
- Conducted focus groups to understand employee attitudes about benefit packages at health care provider; prepared report and executive summary
- Conducted firm-wide Internet-based benefits attitude survey for international law firm
Oak Creek Partners LLC is not a broker or reseller of benefits or insurance
products and thus does not receive compensation from any company in this capacity.
We do not make specific product recommendations.
For further information about any of the services offered by Oak Creek Partners LLC, please call us at 612.378.4880. We look forward to working with you.