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compensation consulting
 
compensation consulting
employee compensation
employee compensation
employee retention strategies
employee retention strategies
employee retention strategies
human resources development
 
     
  Glossary  
 
human resources development
 
human resources development

Compensation Consulting
Compensation consulting assists businesses in the design, development, implementation, monitoring and support of pay and compensation programs that help attract, retain, motivate and reward all levels of employees, executives, directors and contractors, required to enable companies to compete successfully in the marketplace.

Compensation Consultants
Compensation consultants work closely with human resources managers and company executives, and help to improve pay programs, manage salary-administration processes, implement records management systems, plus manage special projects. By conducting competitive analyses of current market data, performing compensation and benefit surveys, assisting in reviewing internal equity, implementing job evaluation systems and new benefit plans, compensation consultants are well equipped to advise management on compensation, benefits and total rewards for employees at all levels.

Employee Benefit Compensation Plan
Employee benefits are forms of compensation, other than cash payments, that are provided to the employee in return for their contribution to the organization and to recognize special achievements. Some benefits, such as employment insurance and worker’s compensation, are required by either provincial or federal laws. Employee benefits typically refer to retirement and savings plans, pensions, medical, life, dental, disability insurance, vacation and holiday pay, paid maternity leave and various forms of sick leave.

Employee Compensation
Compensation is payment to an employee, most commonly in the forms of wages, salaries, commissions and other incentives in return for their contribution to the organization and achievements. Compensation may also include employee benefits, employee stock ownership plans, profit sharing and bonuses, etc. Compensation consulting includes topics in regard to wage and/or salary programs and structures, for example, salary ranges for job descriptions, merit-based programs, bonus-based programs, commission-based programs, etc.

Employee Retention Strategies
Employee retention strategies are essential for small- to mid-sized businesses. In the changing work economy, companies now need to reduce employee turnover and retain key staff. These knowledge workers are capable, committed partners, who share your business objectives and have a stake in helping the company remain competitive. Knowledge workers are human capital assets and as important to your business today as your business strategy. If you can create the type of environment that these knowledge workers are looking for, you have a distinct competitive advantage. The quality of the supervision an employee receives and the shifting focus from job responsibilities to individual and team performance is critical to employee retention. Work environment and learning and development are also critical factors.

Executive & Board (Director) Compensation
Executive and board (director) compensation programs are developed to create value for your business by attracting and retaining the most qualified executive and governance candidates. Executive compensation plans can include salary, bonus, other cash awards, stock, benefits and perks. Director compensation initiatives include retainers, special committee allowances and meeting fees, any or all of which may be in stock. Compensation for executives and directors using stock plans may provide full value shares, stock options, or various phantom stock arrangements and appreciation rights. Executive and board compensation plans have changed to include new approaches to compensation and compensation reporting in the light of Sarbanes Oxley and other regulatory changes.

HR Consultants
The primary role of HR Consultants is to facilitate identified, necessary change within an organization in order to enhance the success of the company. Our focus is on:

  • HR policies and related employment law
  • Remuneration systems (including equal pay)
  • Compensation surveys
  • Employee surveys
  • Career change and career support
  • Counselling/coaching
  • Retention strategies
  • Management of recruitment/selection programs

HR Management
Human Resources Management (HRM) includes a variety of activities, and key among them is deciding what staffing needs you have and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (for-profit or non-profit) have to carry out these activities themselves because they can’t yet afford part- or full-time help. However, they should always ensure that employees have – and are aware of – personnel policies which conform to current regulations. These policies are often in the form of employee manuals, which all employees should have.

Human Resources Development (HRD)
Human Resources Development (HRD) includes the broader range of activities to develop personnel inside of organizations, including career development, training, organization development, etc.

Human Resources Performance Management
Human resources performance management includes activities to ensure that goals are consistently being met in an effective and efficient manner. Performance management can focus on performance of the organization, a department, processes to build a product or service, employers, etc.

 
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