Strategic Performance Group ‘s team of industrial psychologists develops total rewards systems that give our clients the competitive edge they seek.
The methodologies SPG employs are highly customizable to our clients, but frequently include the following.
- Compensation and Benefits Strategy: Development of a total compensation strategy that supports the client’s business imperatives and strategic plan
- Job Evaluation and Classification Surveys: Design and administration of job evaluation surveys to determine the comparable worth of all positions (“point factor” analysis) for purposes of job classification
- Collection of Market Data: Collection and analysis of compensation and benefits market data through customized benchmarking studies or use of off-the-shelf industry-specific salary surveys
- Equity Analysis: Integration of comparable worth analysis and market data analysis to arrive at salary and benefits recommendations that achieve both internal and external equity
- Key Operating Ratio Analysis: Comparison of client’s ratio of total staff compensation and benefits costs to total revenue with other organizations of similar size to determine if this key operating ratio is in line with the market
- Salary Grades/Bands: Establishment of salary bands/grades and salary ranges, including minimum, midpoint and maximum salaries for each grade/band
- Incentive Compensation Criteria: Design of incentive compensation criteria and methods for calculating bonuses
- Budget Analysis: Analysis of the impact of salary adjustments, benefits enhancements and/or bonus payments on client’s budget
- Pay Management Strategies: Development of pay management practices to ensure that the process for determining merit pay increases and bonuses and promotions are objective, transparent and predictable
- Integration: Integration of compensation system with other key Human Resources systems, including benefits, performance management, training and development