Total Rewards and Performance Management Systems
Situation:
A nationally recognized employee benefits
consulting firm was concerned about its overall compensation and performance
management systems. As a partnership, long-term compensation and retention
of key non-partner personnel were becoming critical to the long-term
survival of the company. In addition, employee feedback indicated a
general dissatisfaction with the connection between individual performance
and base pay as well as incentive payments at all levels.
Process
A consulting team from D.G. McDermott Associates
conducted a series of interviews of a cross section of partners and managers.
Also, a series of employee focus groups was held to solicit feedback
from support staff and operations personnel. Simultaneously, D.G. McDermott
Associates analyzed the performance appraisal processes and pay history
with its correlation to performance ratings and conducted a bench marking
study of pay levels within the consulting industry.
Solution
D.G. McDermott Associates' recommendations
included involving key managers in the process as it worked through
the various phases of the assignment. Consequently, a series of periodic
meetings were held in which D.G. McDermott Associates presented its
findings and worked with principals in the firm to formulate and implement
the following recommendations:
- A complete restructuring of the rewards
program
- A revised performance management system
- Incentive pay that more closely tracked
individual performance and financial performance of the firm
- Specific provisions for training and
development>
Outcome
D.G. McDermott
Associates' recommendations were adopted by the partnership, supported
by the consulting managers and readily accepted by the employees
since all were involved in the process.
We know you care about your company and want to stay on top of everything that affects it. Employee incentive programs can have great impact. We can help – contact us today to learn more.
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