SCIENCE, TECHNOLOGY, AND ENGINEERING COMPENSATION

Overview:

Science, technology, and engineering companies have seen tremendous growth in the past several years, as the demand for new technologies, greater efficiencies, and new consumer products have increased. With the push to educate emerging professionals in a field that is in constant need of talent, the impact extends to current companies in these industries who must provide compelling packages in order to attract and retain talented individuals. As opportunities continue to emerge with new employers, turnover is a key concern.

As compensation consultants, Compensation Resources has extensive experience providing compensation consulting services to science, technology, and engineering clients in order to develop creative and effective compensation programs that are competitive within the marketplace and align with organizational goals and initiatives. We have provided compensation consulting services within aerospace, E-commerce, hardware/software, and product development companies, using both fixed and variable pay opportunities to provide clients with an edge in a highly competitive labor market.

The services that we provide include, but are not limited to:

• Base Salary Administration
  • Salary Structure Design
  • Staff Compensation Studies
• Board of Directors’ Compensation Studies and Advisory Services
• Executive Compensation Studies
• Incentive Plan Design
  • Annual Incentive Plan
  • Long-Term Incentive Plan (LTIP)
• Job Description Development
• Market Pricing / Salary Data
• Performance Management Programs
• Sales Compensation Program

Issues:

• The company was experiencing issues with attracting and retaining talent.
• There was a concern that their pay was not competitive with the market, especially for specific engineering jobs.
• They wanted to assess their current salary ranges in order to ensure that both compensation levels and the corresponding ranges were competitive with the marketplace.

Solutions:

• Gathered background data and conducted fact-finding interviews to discuss any specific compensation issues that the company was facing. Identified the targeted market position for engineering roles.
• Conducted a competitive market study, tailored to the company’s location and specialty, using multiple published salary surveys to provide competitive market data for all requested positions. Benchmarked engineering jobs to the targeted market position.
• Assessed the company’s current salary ranges and recommended new grades and ranges to better align with the market, including a separate structure for engineering jobs.

We are available to answer any questions you may have and to provide the necessary compensation consulting support to your organization. For more information, please contact:

Mary A. Rizzuti, CCP, PHR, SHRM-CP
Partner
201-710-6476

Sara D. Schmidt, CCP, PHR, SHRM-CP
Director
201-710-6478