As any organization, for-profit or nonprofit, begins to scale up its operations, they’re bound to experience a few growing pains. This period in an organization’s growth is particularly important, as the habits and processes established tend to become baked into the culture rather quickly.
Issues with employee retention are particularly common among growing organizations. It is often found that employee compensation is the major perceived contributor to high turnover rates. Compensation programs are a vehicle by which an organization communicates to employees its mission, vision, values, and the strategic priorities that must be focused on.
Developing a clear strategy for how team members are compensated for their contributions to your organization’s mission or operations is essential. It lays a concrete groundwork for growth and reflects your organization’s values and vision in a more tangible way than just a mission statement. A strong compensation strategy gives your employees insight into why their contributions are valued, not just how much they are valued. Costly retention issues should definitely be avoided and refreshing your approach to compensation is an effective way to strengthen your strategies.
Catalyst HR Group has experience providing a wide range of employee compensation services for businesses and nonprofits.
Total Rewards consulting for base compensation strategy. We believe that a Total Rewards approach to compensation is the most effective way to create sustainable improvements for organizations.
Specialized strategy development for executive and sales-based compensation. Executive and sales-based compensation can be particularly complex pieces of your broader strategies.
Incentive and variable compensation program development to address particular goals. We can help you develop incentive and variable compensation plans that drive engagement for organizations of any size.
Policy development guidance to help HR departments effectively administer their new compensation programs. Once you’re done designing the best compensation strategy for your organization, you then have to implement it. With support from Catalyst, you receive guidance from professionals that can assist with ensuring the new programs are successfully implemented and that all team members are on the same page now and down the line.
Our customized approach is well-suited to tackling today’s unprecedented challenges, as well. From financial challenges to internal cultural shifts and employee engagement, compensation strategy plays a significant role in shaping how your organization can adapt to change. We’ll help you focus on the bigger picture of your organization’s goals while also adapting to the real-time challenges you face.