Strategic and Competitive Pay Policy Solutions
We take the complication out of compensation.
Croner consultants partner with leaders of organizations to develop compensation strategies and programs that will attract, motivate, retain and reward people. Our analyses and recommendations build on insightful research and data to help organizations navigate changing job markets, evolving competitive landscapes, mergers and reorganizations.
Our compensation experts provide full-scale compensation plan design and implementation, focused solutions and studies and other relevant and strategic services that add strategic value and provide competitive advantages for our clients. See below to learn more about how our services can help your organization.
Total Compensation Structure and Plan Design
We can partner with you to develop and refine your comprehensive compensation program, starting with reviewing or developing your compensation philosophy and labor market definition, followed by an evaluation of current pay versus market.
We create a job architecture, define job families, levels and roles and provide a market-competitive salary structure, all designed with built-in flexibility to manage pay for many years in the future.
We have developed compensation structures for organizations ranging in size from 1 to 50,000 employees.
Short-Term Incentive Plan Design
Short-term incentive plans enable you to compete for talent and to motivate that talent to achieve your business goals.
We can create, refine and implement well-designed incentive plans that will boost your employees’ engagement and performance by clearly linking individual awards to financial results or other measurable outcomes.
Equity Plan Design
Equity or equity-like plans are a critical part of total compensation. To compete successfully for human resources in the technology sector, you need a strong equity program.
We can partner with you to produce a well-designed long-term incentive plan that links each participant’s interests with the interests of corporate shareholders, aligning all participants’ focus clearly on increasing your company’s long-term value.
Executive Compensation Plan Design
Executive Compensation plans directly align executive compensation with shareholder value. The Croner Company’s well-designed executive compensation plans offer clear links between pay and performance while strictly complying with existing laws and regulations.
We can help you create an executive compensation plan that:
- Keeps executives’ financial interests in line with those of shareholders
- Is soundly rooted in competitive market data and practices
- Clearly motivates and rewards significant unit and individual achievements
- Balances executive short-term rewards with rewards that create long-term shareholder value
- Is easy for executives and shareholders to understand
- Identifies the right combination of long-term incentive vehicles, whether an organization is public or private
Pay Equity Analysis
Organizations conduct pay equity analyses in support of their commitment to ensuring a diverse, inclusive and equitable workplace and to inform compliance regarding administration of pay.
Our pay equity analyses include:
- A rational, consistent and market-based approach to evaluating job content and compensation for individuals in your organization who perform equal or substantially similar work
- Development of a pay equity philosophy, as well as criteria and objective methods you can use to assess pay equity
- Analysis of pay equity relative to gender, ethnicity, race and/or generational or other representations across your entire organization, and also by position and level
- Guidance and recommendations to enhance your compensation administration practices and support your organization’s pay equity goals
Geographic Pay Differentials
With the advent of permanent remote workers, many organizations today recognize a need to develop geographic pay policies and approaches.
When you hire people in different locations and/or when employees relocate to a new work location, we can help you answer these questions:
- What are the relevant geographic pay zones for your organization?
- What is the cost of labor in each geographic pay zone?
- How will you structure your compensation program to account for these variances?
- Will adjustments vary by job family or other considerations?
Existing employees who relocate to lower cost of living areas often present a significant challenge for employers. We can assist you by developing pay adjustment policies and practices to resolve these questions:
- How will you adjust pay?
- In what time frame will pay be adjusted?
- Do adjustments vary by whether an employee chooses to relocate or is asked to relocate?
Sales Incentive Plan Design
Sales compensation represents a significant percentage of total revenue in the industries we serve. The Croner Company can work with you to create a market-based and highly competitive incentive for sales that maximizes your company’s return on investment in sales compensation.
We help you create a sales incentive plan that:
- Appropriately balances risk and reward
- Motivates and rewards the achievements of exceptional sellers
- Is easy to understand and to administer
Consulting Custom Surveys and Studies
The Croner Company conducts custom surveys to help organizations answer questions when market conditions change regarding pay and pay practices.
Click here to read about some of our recent custom surveys.