Compensation & Rewards Consulting

Take your pay practices to the next level by partnering with FMI’s consulting team to develop enhanced compensation plans.

FMI’s approach is unique in that we encourage you to work in close collaboration with our compensation professionals to identify opportunities and challenges, including diverse employees across your company in conversations. Together, we’ll structure ideal procedures and plans for your company and employees. Our deep, industry-specific knowledge as well as subject matter expertise in total rewards best practices provides unmatched insights.

Our compensation consultants focus on:

  • Compensation Philosophy Development
    • Create a foundation for pay decisions.
    • Identify target markets for talent.
    • Determine intended competitive position.
  • Executive Compensation Review
    • Highlight competitive levels for the total compensation package.
    • Assess compensation rewards relative to company performance.
    • Examine the mix of fixed and variable compensation.
  • Base Pay Benchmarking and Pay Range Development
    • Ensure competitive and equitable pay for all employees.
    • Set guidelines for fair and consistent pay decisions.
    • Comply with pay equity regulations.
  • Short-term Incentive Compensation Plan Design
    • Create a strategically aligned rewards program.
    • Drive employee autonomy and accountability.
    • Increase employee motivation and engagement.
  • Long-Term Incentive/Deferred Compensation Plan Design
    • Improve retention of key employees.
    • Encourage top contributors to behave like owners.
    • Support management and ownership succession plans.
  • Benefits Benchmarking & Total Renumeration Assessment
    • Compare employee benefits to the competition.
    • Evaluate the financial investment in benefits offerings.
    • Consider the costs and imputed value of benefits relative to other compensation elements.
  • Board of Directors Compensation Review
    • Analyze competitive practices for retainers, meeting fees and chair appointments.
    • Focus on outside board members.
  • Job Architecture and Career Track Refinement
    • Confirm actual and intended job roles.
    • Reorganize hierarchies to clarify career advancement and align with business needs.
    • Write job descriptions and related documentation so employees understand expectations.

Key Benefits

  • Increase retention by ensuring your base salary and bonus structure align with the market.
  • Improve the return on your investment in compensation.
  • Gain knowledge of compensation and benefits trends within targeted recruiting markets.
  • Align employee compensation packages with corporate strategy, organizational structure and culture.
  • Improve communications of compensation plans and practices to current and prospective employees.
  • Motivate employees to achieve goals that drive business results.
  • Equip managers to make the right decisions and communicate clearly on compensation and benefits.

Our Insights

Are you ready to revolutionize your pay practices?

Talk with one our our consultants to learn how compensation can help your company achieve its goals,

Get in Touch