March 2016

 
 
Compensation is an essential part of your overall business strategy. But so many of us feel like we are guessing as to what is "market pay".  This month we offer you Our Annual Compensation Issue.
 
We share with you our recent experience supporting a local organization for compensation consulting services.  Additionally, we are pleased to share with you insights revealed in PayScale's 2016 Compensation Best Practices Report.  You can download the report and read it at your leisure as well.  At HR Strategy Group, LLC, we understand compensation - we "get it" - and we go above and beyond for you when working through your compensation related challenges.  Let us know if there is any way we can support you.  
 
Thinking Spring,
   
Amy Polefrone, MPA, SPHR, SHRM-SCP
410-505-8723
Our Annual Compensation Issue
 
We recently completed an comprehensive analysis project for a non-profit in Columbia, Maryland.  It was executed based on market-based compensation strategies -- that you need to pay competitively based on the job, your local market, and your industry.  This project was a two part project - Position Description Services and Compensation Consulting Services.  We received outstanding feedback that we're the "HR Director they had always dreamed of having".  Here's a testimonial from this compensation client:
 
"The quality of the work we received from HR Strategy Group far exceeded
our expectations.  The level of detail was matched perfectly by Amy's  professionalism and communication skills.  We could not be more pleased
with the whole experience."
 
We believe that we provide exemplary service and take the time to get to know you.  Our methodology and process is spelled out clearly to our clients so the project is transparent. We customize our efforts to each client based on their specific requirements and we become immersed in your  organization to truly understand the needs, the atmosphere, the jobs, etc.  
 
The resulting report was comprised of:
  • Project Methodology (including tasks, status, and deliverables)
  • Proposed Compensation Philosophy
  • Market Based Pay & Compensation Recommendations
  • Annual Raise Recommendations
  • Benefits and Variable Compensation (bonuses, commissions, etc.) Recommendations
  • Next Steps & Summary
This is what you should expect and what you deserve.  We can do this for you.  Let us know how we can support you. 
 
Compensation Tip of the Month

You Get What You Pay For!  Haven't you heard this a million times? Because it is true! Do your research; learn what you need to pay to be competitive for this job, your market, and your industry.  Pay at the 50th percentile (or more!) for any given position.  Don't shy away from the numbers you find.  You will get what you paid for - and we know that you want top talent so your organization will be successful! 
Payscale only logo
PayScale's Escape to Comptopia
2016 Compensation Best Practices Report
 
Through HR Strategy Group's Referral Partnership with PayScale, we are pleased to provide you with access to this year's 2016 Compensation Best Practices Report.  It's an easy read and includes interactive graphics to show you what your peers are doing around salaries, employee retention, and pay raises this year.
 
Top insights from this year's report include:
  • While 73% of employers consider their employees fairly paid, only 36% of employees feel they are paid fairly.
  • For the fifth year in a row, compensation, aka "seeking higher pay elsewhere," was a top reason employees left companies, falling second only to "personal reasons/life change" (marriage, spouse relocating, parenthood, etc.).
  • Almost 40% of companies report that they have transparent, open communication around pay.  Top performing companies are significantly more likely to embrace transparency, at 47%.
  • Top performers pay their people.  In 2015, 90% of top performers gave pay raises compared to 84% of average companies.
  • 44% of respondents cited replacing traditional annual performance reviews with ongoing real-time feedback as the hottest HR trend for 2016.
A snippet from the Executive Summary states:

"For the first time, we compare top performing companies -- defined as those who were first in their industry and exceeded revenue projections in 2015 -- to all respondents, revealing a correlation between modern pay practices and business success.  Top performing companies are more likely to embrace transparency, exercise variable pay practices, and report valuing their employees more highly than average companies.  This link allows top performers to reach the desirable land of Comptopia -- where smart pay practices drive business results, and all comp woes are cast away."

To download the report, click here.  
  
 
ANNOUNCEMENT
Additional Service Offering from HR Strategy Group

We have a team of consultants available to you who can serve as your outsourced interim HR Director.  If you are in need of assistance during your HR transition and need to maintain daily HR operations, HR Strategy Group can supply your organization with on-sight HR resources - fulled "loaded" and ready to go.  Contact Amy for more information. 

OUR MISSION
  
HR Strategy Group, LLC knows that business owners and executives need fast, effective,
and balanced solutions for their tough human resources problems. We listen to our clients
and understand the needs of their companies, and provide customized, confidential and
cost-effective services. Regardless of the size of your company, our expert consultants
can help you design and implement outstanding human resources solutions.
  

We help clients in a variety of industries with tough-to-fill positions.  Right now things are quiet but please check back soon!  

Know anyone looking?  
Visit our website regularly to find out about open positions that we are helping to fill - and please forward them along to anyone who might be interested!  

Got a job that you need to fill?
Call us to find out how we can provide relief for tough-to-fill jobs.  410-505-8723




Amy Polefrone, President
HR Strategy Group, LLC
410-505-8723