Employee rewards is historically one of the largest expenses for any company, so it is critical to optimize return on this investment. Getting compensation right enables organizations to attract, retain and motivate the quality professionals needed to achieve their business goals – and to do so in the most cost effective and efficient ways possible. While employee rewards programs should be driven first and foremost by internal considerations such as business strategy and company culture, there is no doubt that external compensation market practices play a significant part in the decision-making process. Smart benchmarking strategies allow organizations to leverage market data and insight to examine current practices in pay rates and total rewards, and make smart rewards-related decisions that add value, dovetail with corporate strategy and further their business goals.
At Korn Ferry, we have the tools and technology to collect comprehensive benchmarking data about individual employee hires, promotions and counter-offers at all job levels. And we have the practical insight needed to examine this data against current practice and turn it into decisions and action. Our databases are built on globally consistent methodologies, which means that we can confidently make in-depth rewards comparisons across job functions, industries, countries and categories. This allows us to examine the foundational elements, strategic alignment and fiscal effectiveness of rewards programs across the spectrum, and identify key characteristics that effective rewards communication programs have in common. We then implement these characteristics into forward-thinking rewards programs that support business goals and add value.
WHY KORN FERRY?
- We have the best reward data. Our database is not only the largest in the world – with over 20 million incumbents in more than 25,000 organizations in 110 countries - but also the most relevant, including base salaries, short-and long-term incentives and benefits programs, industries and locations.
- We let clients customize. Clients can seek data in the way that best suits them, from overarching data for all jobs in every country and sector, to market rate for a single job.
- We have the best science behind the data. This guarantees greater consistency. You can be sure, for example, that the variation in compensation data between jobs and markets globally is a reflection of differences in the market themselves, and not in the way we collect, process or report data.
- We put apples with apples. We make like-for-like comparisons regardless of job title using our world-leading Job Evaluation, giving confidence that even unique jobs are being compared with similar positions across organizations, industries, and countries.
- We back up data with local knowledge and insights. We have people with local knowledge on rewards markets on the ground in the 110 countries.