Compensation Consulting to Motivate and Retain Top Employees with Executive Compensation Packages That Work

Executive Compensation Consulting firm to assist companies in attracting and retaining top executive talent with competitive executive compensation packages

Analyze and implement current practices with a leading compensation consulting firm.
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Retention Practices

Situation:

One of the largest management consulting firms prominent in the business process and systems integration field was experiencing unacceptable turnover of its consulting staff, especially at the associate level with five to seven years of valuable experience. The rate of turnover was affecting their ability to staff client assignments with an adequate number of experienced consultants, jeopardizing its commitment to deliver superior service to its clients.

 Process

The D.G. McDermott Associates team interviewed senior partners as well as the three unit heads of the major practice areas most affected by the turnover. From this research, the D.G. McDermott Associates team formulated tentative conclusions regarding what was causing the turnover. To validate our conclusions, we developed an instrument which was used to guide individual discussions regarding recruiting, training and development and compensation practices with representatives of other major consulting firms.

Solution

D.G. McDermott Associates concluded that the client needed to restructure its policies regarding the caseload and work hours of associate-level consultants. Becoming more sensitive to the work and family issues facing the workforce of the 1990's and beyond was critical to retaining high-potential personnel.

Outcome

The client established an internal committee to review the workload demands it placed on its consultants and to develop and submit to the partnership specific recommendations for job sharing, flex-time, personal time, travel and related policies. The committee was also charged with submitting a staffing plan to provide alternative methods for staffing projects, including the use of per diem workers.

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Executive Compensation Consulting firm to assist companies in attracting and retaining top executive talent with competitive executive compensation packages
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Executive Compensation Consulting firm to assist companies in attracting and retaining top executive talent with competitive executive compensation packages