The term “Special Projects” refers to any compensation situation where strategies are needed that go beyond core analytics and established thinking, and require specific, technical or out-of-the-box solutions. These types of projects can vary wildly in scope. In some cases, nothing more than a sounding board or fresh perspective is needed. At the other end of the spectrum, circumstances may require a fully-implemented, customized solution. At Korn Ferry, we have an unrivaled ability to develop one-off, custom-made solutions to tricky and unique compensation-related challenges. Our experienced experts work with leadership to develop deep knowledge of the organization and its goals and concerns regarding compensation structures and priorities in any given scenario. And our cutting-edge data and technology solutions ensure that we have the flexibility and efficiency to respond quickly and execute efficiently - even in the toughest situations.
INNOVATIVE SOLUTIONS TO ONE-OFF ISSUES
It may be difficult to imagine a “special projects” situation until your organization is actually in one. Here are two examples of the innovative solutions we have developed:
Database deficiencies in a Large Family-Owned Company
Issue: Existing excel-based LTI database needed to evolve to better accommodate the growing LTI participant population as well as program design changes implemented in past years. The existing tool was no longer user-friendly and created inefficiencies in the firm’s HR processes that disrupted communication efforts as well (and discounted the perceived value of the LTI program).
Solution: We developed a flexible, sophisticated, and interactive solution with the required functionality to best administer and communicate our client’s LTI program. And we partnered with HR team members to provide on-site support to assist in their LTI award communication efforts.
Pay program reporting for a large global beverage manufacturer
Issue: Our client required a deeper level of understanding about the effectiveness of their robust and highly sophisticated executive pay program design and whether it was suitably aligned to their pay philosophy, particularly at Board and executive level.
Solution: We developed a set of customized solutions and tools to help establish the true competitiveness of the client’s past and future pay program. The outcome was a competitive pay program - implemented and optimized by our experts - that included true values in pay opportunity, actual take-home pay opportunity and potential accumulated pay opportunity for recipients.
WHY KORN FERRY?
- Knowledge is our critical resource. Our customized solutions are grounded in a deep knowledge of jobs and the ability to understand your business and identify what’s best for it.
- Our solutions are versatile and flexible. We are comfortable thinking outside the box when it comes to analytics and its applications, and develop smart approaches tailored to the needs of each organization.
- Our people are proven. Our approach, methodologies and analytics have been developed over more than 70 years.
- We are deep in data. We own the world’s largest global pay databases, and our reward data is world-renowned for the granular level of detail it can deliver.