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Benchmark and Organizational Study
Situation:
One of the top five money center banks
in the USA was concerned about the competitiveness of the total compensation
package for its executives who managed a global service business.
The unit provided one-third of the bank's revenues. The primary issue
concerned the comparability of the scope of responsibilities each
executive had and their impact on the strategic plan to be the market
leader in these service businesses among a very select group of companies.
Process
A team of D.G. McDermott Associates consultants
interviewed the incumbents in the identified positions to determine
the critical skills, competencies and scope of accountabilities for
each job. Further, an organizational analysis revealed the uniqueness
of how the bank was structured to deliver the services on a global
basis. From this research, the team developed a survey instrument
and pared down the list of competitor companies. The team then visited
the identified companies and conducted an in-depth benchmark analysis,
including organizational assessment, lines of business and services
provided, global reach and customer profiles. In addition, the team
obtained information on the competitors' rewards programs, especially
long-term incentive compensation programs.
Solution
While no company is exactly comparable
to its key competitors, the market research confirmed that the bank
was a leading provider of state-of-the-art services on a global basis.
Consequently, its executives had a broader range of responsibilities
and faced greater challenges than their counterparts in competitor
companies.
Outcome
Based
on the recommendations of the D.G. McDermott Associates
team, the client reviewed its use of the various compensation
elements and decided to increase the long-term incentive compensation
opportunity for several of the key positions.
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