Compensation consulting firms assist companies with formulating, implementing, and managing their compensation and benefits initiatives. These firms help to ensure that the organization’s compensation plans are equitable, competitive, and consistent with both market practices and the organization’s business strategy.
At Keller, our dedicated team of compensation consultants is committed to designing executive compensation initiatives that align with your talent strategy, business goals, and value creation platforms, as well as standards of good governance.
Our Compensation Consulting Services
Keller provides comprehensive compensation solutions to companies of all sizes. Our experienced compensation consultants also work alongside company board members and leaders to deliver tailored compensation solutions that meet the challenges of today while anticipating ones that may arise in the future. Here is a more detailed overview of some of our compensation services:
Executive compensation We can offer guidance on compensation packages for senior executives, taking into account elements like base salary, bonuses, equity awards, and other benefits. We also ensure that your executive compensation plans are compliant with the tax and regulatory guidelines applicable to your region.
Performance management We can introduce systems that monitor employee performance to ensure that your workforce is being compensated accordingly.
Salary benchmarking and market pricing We can make use of data analytics to determine how your compensation packages measure up to those of your competitors and peers in the industry.
Compensation strategy design We can assist your business in developing a compensation strategy that matches your company culture, goals, and competitive market positioning.
Tailored compensation surveys We can conduct custom compensation surveys for specific roles or industries that might not be adequately represented in general market data.
Incentive and bonus plan design We can design both long and short-term incentive plans to boost employee motivation and achieve business goals.
Job grading and evaluation We can assess the relative value of various jobs within your organization to determine appropriate pay grades or bands.
Benefits consulting Beyond just salary, we can help design comprehensive benefits packages that may include retirement plans, health insurance, and other perks.
Equity compensation planning We can provide expert advice on various forms of equity-based compensation to attract, engage, and retain top talent.
Communication and training We can assist in communicating your compensation strategy to all relevant stakeholders and provide training to staff in your human resources division on how to effectively deal with issues related to compensation.
Mergers & acquisitions compensation integration Mergers and acquisitions often involve integrating different compensation structures, which can create challenges. We can ensure the smooth integration of these structures, mitigating any challenges before they arise.
Legal and regulatory compliance We can help ensure that your compensation programs abide by the relevant laws and regulations of your region, such as tax codes, equal pay acts, or industry-specific regulations.
Our Compensation Consultants and Approach to Compensation Consulting
At Keller, we make every effort to ensure that compensation decisions are aligned with the interests of both internal and external stakeholders, which includes employees, shareholders, and local communities. Additionally, our expertise is not limited to compensation and governance advisory services but also extends to human capital management and social, environmental, and governance goals. Overall, we pride ourselves on delivering world-class compensation and human resources services.
In terms of our approach to compensation consulting, Keller collaborates with company board members and management spanning various sectors on both an ongoing and project basis.
Our specialty is devising tailored solutions to address challenges related to human capital management, governance, and compensation. With our pioneering solutions, we can help businesses around the world meet their goals and foster clear communication with stakeholders.
Although our consulting services are primarily requested by the compensation committee, there are instances where we are directly engaged by the managing director and work exclusively with the executive team.
Our clientele is broad, ranging from top international publicly traded firms to private equity enterprises, family-owned operations, and private entities. Regardless of the industry, we offer clear, unbiased, and reliable counsel on executive compensation and corporate governance.
The Advantages of Partnering with Keller for your Compensation Consulting Needs
There are many reasons why a company might hire a compensation consulting firm, such as maintaining a competitive edge in the marketplace, grappling with complex regulations, ensuring fairness and equity, or developing an effective compensation strategy that aligns with the company vision and culture. Having a comprehensive compensation plan in place is also essential for securing, motivating, and retaining top talent, regardless of the size of the corporation. Here is a breakdown of some of the other benefits of collaborating with us for your executive compensation consulting needs:
Customized solutions We understand that there is no one-size-fits-all approach to compensation consulting. We therefore offer tailored solutions that match the unique requirements of the organizations we partner with.
Cost efficiency Although there is an initial fee involved in hiring a compensation consulting firm like ours, having an effective compensation strategy in place can save you money by improving employee satisfaction, lowering turnover rates, and ensuring the most efficient distribution of compensation resources.
Time savings Compensation analysis and strategy design can be a complex, time-consuming endeavor. By engaging an external consulting firm like Keller, valuable time can be freed up from your internal human resources and management teams to focus on other vital business functions.
Access to market data We can share comprehensive salary benchmarking data and compensation surveys with our clients that they can use to measure their pay scales, ensuring they remain competitive within their industry and region.
Knowledge and expertise We can provide insights into the latest market trends, compensation strategies, and best practices that internal teams may not have.
Compliance and risk management We can reduce the risk of penalties, lawsuits, and reputational damage by ensuring that pay structures are compliant with legal and regulatory requirements.
Unbiased perspective As an external entity, we can offer an objective perspective devoid of internal biases or politics, which can be invaluable for addressing sensitive topics like executive compensation.
Development and training We can recommend training programs for HR professionals to ensure that internal teams are prepared with the latest knowledge and skills related to compensation management.
Change management We can help manage changes to your compensation structure, ensuring that the transition is smooth and clearly communicated with your workforce.
Employee satisfaction and retention Having an effective compensation plan, informed by our expert input, can boost employee satisfaction. Research shows that employees who are happy in their jobs are often more productive and more likely to stay with the company, thereby reducing turnover-related expenses.
Attracting top talent A competitive and well-designed compensation package can help you to secure the best talent in the market.
Continuous improvement We can provide regular updates and reviews to ensure that your compensation strategy remains relevant to organizational changes and market trends.
Collaborating with a compensation consultant like Keller can provide practical solutions and expert advice, ensure competitive and compliant compensation practices, and contribute to your overall business success.
If you would like assistance in designing, implementing, and managing your compensation and benefits initiatives, navigating pay and performance alignment, and enhancing stakeholder and shareholder communications, contact us for more information today.