Pay and Benefit Strategies
Compensation & Employee Benefits Services
MRC's compensation services provide clients with comprehensive and current information important to attracting and retaining productive employees. In our experience compensation, while not a primary motivator, must reflect both skill requirements and market realities. The objective for any organization is to compensate its personnel in a manner that is supportive of business objectives while promoting individual or group performance.
A compensation program that is too generous can erode the bottom line. Being under market will prevent you from having the talent necessary to grow and sustain your business.
Every compensation plan we develop is designed to match the client's business objectives and industry. We understand how organizations change and facilitate that change with strategies that smooth the transition from where you are to where you want to be.
The Compensation Process
Organizational Analysis
The foundation of an effective compensation strategy begins with an understanding of the company’s strategic plan, its industry and the work their people perform.
Analysis:
- Market & Industry Competitive Analysis.
- Review of Company Recruiting Practices and Turnover.
- Development of Position Descriptions.
- Identification of Potential Changes in Responsibilities.
- Identification and Benchmarking of Competitors Compensation.
Results:
- Comprehensive, Market Based Compensation Strategy.
- Development of Wage and Salary Ranges.
- Establishment of Performance Versus Salary Matrix.
- Creation of Bonus Plans Reflecting the Unique Requirements of each Position.
- Sales Incentive Programs.
Employee Benefits
Getting the Right Package at the Right Cost
MRC provides its clients with an objective process for determining the benefits package that best supports a client's strategic staffing requirements. Unlike insurance brokers, who might be motivated by incentive programs from insurance companies, we seek benefit solutions that reflect the total compensation package. We draw upon our experience to give you the most cost effective mix of benefits that best support the needs of your employees.
We define the benefits package, ranging from medical coverage’s to 401k, while working with your strategic management team. MRC then manages the negotiation process ensuring the appropriate benefits package at the lowest cost.
Benefit Plans
- Employee Medical / Dental
- 401k
- Worker's Compensation
- Section 125
- Short / Long Term Disability
- Pension
- Employer’s Liability
- Profit Sharing