As any organization, for-profit or nonprofit, begins to scale up its operations, it’s bound to experience a few growing pains. This period in an organization’s growth is particularly important, as the habits and processes established tend to become baked into the culture rather quickly.
Issues with employee retention are particularly common among growing organizations. It’s often found that employee compensation is the major perceived contributor to high turnover rates.
Why Employee Compensation Strategies Matter
We’ve written before on the importance of developing transparent compensation strategies:
Compensation programs are a vehicle by which an organization communicates to employees its mission, vision, values, and the strategic priorities that must be focused on.
Developing a clear strategy for how team members are compensated for their contributions to your organization’s mission or operations is essential. It lays a concrete groundwork for growth and reflects your organization’s values and vision in a more tangible way than just a mission statement. A strong compensation strategy gives your employees insight into why their contributions are valued, not just how much they’re valued.
This is even more important during times of uncertainty and crisis. With a global pandemic and mass social movements affecting your employees’ everyday lives, it’s worth it to take a closer look at how you compensate them for their contributions. Costly retention issues should definitely be avoided, and refreshing your approach to compensation is an effective way to strengthen your strategies.
To learn more about how COVID-19 has affected organization and business compensation strategies, check out these results from a Pulse Survey we recently conducted.
How Compensation Consulting Can Help
Developing a compensation strategy that meets business and financial demands while also creating a healthy internal culture is a challenge that all types of organizations face. For those organizations that need a helping hand, compensation consulting services are the answer.
We have written about hiring a compensation consultant before, and believe that expert third-party guides are often the best-positioned to help organizations navigate the tricky topics that impact multiple (or all) areas of their operations.
If you’re looking for a compensation consulting firm to help you craft a strategy that satisfies all your priorities, we’ve highlighted a few top experts who specialize in particular sectors or niches:
- Astron Solutions – Best Full-Service Compensation Consulting Firm
- Compensation Advisory Partners – Best for Large Corporations
- FW Cook – Best Consulting for Executive Compensation Strategy
- Sheffield Barry – Best for Streamlined Compensation Consulting
- Johnson Associates – Best Compensation Consulting for the Financial Sector
- Semler Brossy – Best Compensation Consulting for Transitional Periods
- Longnecker & Associates – Best Compensation Consultants for Litigation Support
- Mercer – Best Compensation Consulting Firm for Global Executives
- Alliant – Best For Health Benefits Design Consulting
- Pearl Meyer & Partners – Best Compensation Consultants for High-Growth Startups
- HR Works – Best Compensation Consultant for Affirmative Action Plans
- Compensation Resources – Best for Board Equity Compensation Consulting
Use the list above to navigate between our top picks, or start from the top and browse each entry. We’ll provide an overview of each firm’s compensation consulting services as well as more information on what makes them stand out in their space.
No matter what sector you’re in, there’s a compensation consulting firm that can bring relevant experience to your organization and help you develop the best possible strategy for long-term growth. Let’s get started:
1. Astron Solutions
Best Full-Service Compensation Consulting Firm
Overview of Astron Solutions
Astron Solutions is a full-service human resources and employee compensation consulting firm that’s been helping businesses and nonprofit organizations for the past 20 years.
They believe that simplifying compensation and human resources processes is the best way to keep your organization’s big picture goals in focus. Their fully customized approach has guided a wide range of organizations, helping them boost employee engagement and retention with optimized compensation strategies that address everyone’s priorities.
Astron Solutions’ Top Employee Compensation Services
As a full-service compensation consulting firm, Astron Solutions has experience providing a wide range of employee compensation services for businesses and nonprofits. These include:
- Total Rewards consulting for base compensation strategy. We believe that a Total Rewards approach to compensation is the most effective way to create sustainable improvements for organizations. This is true if you’re rethinking your strategy for any reason, whether it’s due to the direct effects of recent disruptions or you want to combat ongoing retention or engagement issues.
- Specialized strategy development for executive and sales-based compensation. Executive and sales-based compensation can be particularly complex pieces of your broader strategies. Astron Solutions can walk you through developing and updating these programs, making sure to cater to the unique needs of your employees and culture.
- Incentive and variable compensation program development to address particular goals. We can help you develop incentive and variable compensation plans that drive engagement for organizations of any size. By working closely with your team, we can create custom strategies tailored to your specific goals and constraints.
- Policy development guidance to help HR departments effectively administer their new compensation programs. Once you’re done designing the best compensation strategy for your organization, you then have to implement it. With outside support, you receive guidance from professionals that can assist with ensuring the new programs are successfully implemented and that all team members are on the same page now and down the line.
Why This Compensation Consulting Firm Stands Out
Few other compensation consulting firms offer as wide a range of services to as wide a range of organizations. Astron Solutions is a leader in compensation consulting for small to mid-sized businesses and nonprofits; oftentimes compensation consulting services (and their price tags) are targeted towards much larger businesses.
Our customized approach is well-suited to tackling today’s unprecedented challenges, as well. From financial challenges to internal cultural shifts and employee engagement, compensation strategy plays a significant role in shaping how your organization can adapt to change. We’ll help you focus on the bigger picture of your organization’s goals while also adapting to the real-time challenges you face.
Contact Astron Solutions to learn more about compensation consulting.
2. Compensation Advisory Partners
Best Compensation Consulting for Large Corporations
Overview of Compensation Advisory Partners
Founded in 2009, Compensation Advisory Partners is a leading compensation consulting firm for large and multi-national corporations.
They focus on offering independent and expert advice tailored to the needs of complex organizations, with an emphasis on analytics and strong standards of corporate governance. Compensation Advisory Partners works side-by-side with boards and management teams to develop custom strategies that fit within the large-scale internal structures that already exist in large businesses.
Compensation Advisory Partners’ Top Services
Compensation Advisory Partners offers a range of consulting services for corporations looking to refine their compensation strategies. Their top services include:
- Compensation strategy developments
- Competitive market research and comparisons
- Annual and long-term incentive plan design
- Compensation committee organization and support
Why This Compensation Consulting Firm Stands Out
Compensation Advisory Partners’ focus on providing real-time and data-driven insights is particularly well-suited to the needs of large corporations. They regularly conduct proprietary studies on pay and design best practices, helping them better understand their clients’ spaces and emerging best practices.
These insights, coupled with their years of experience in the field, makes them a leader for large-scale businesses and multi-national corporations that need to update their compensation programs.
Reach out to Compensation Advisory Partners to discuss your needs.
3. FW Cook
Best Consulting for Executive Compensation Strategy
Overview of FW Cook
FW Cook is an executive compensation consulting firm that was founded in 1973. Their long history in the space gives them a real advantage when it comes to aligning compensation strategies with a client’s long-term goals.
Focused solely on executive compensation, the firm provides expert insights to the compensation committees, boards of directors, and management teams of large businesses.
FW Cook’s Top Employee Compensation Services
Although FW Cook only provides consultation for executive compensation, their offerings within this category are fairly broad. They include:
- Executive compensation strategy development
- Incentive and equity plan design
- Non-employee board member compensation strategy
- Executive severance and transaction assistance
Why This Compensation Consulting Firm Stands Out
FW Cook takes their role as a legacy leader in the space of executive compensation consulting seriously. They emphasize taking a fully independent and compliant approach while working cooperatively with large organizations to design programs that will address all their big-picture goals.
Their guidance has helped countless businesses refine their compensation strategies and adapt to changing economic environments for decades.
Contact FW Cook to learn more about their services and approach.
4. Sheffield Barry
Best Firm for Streamlined Compensation Consulting
Overview of Sheffield Barry
With over 25 years of experience, Sheffield Barry is a top compensation consulting firm for businesses of all sizes looking for streamlined, cost-effective consulting services.
Their streamlined approach to executive compensation strategy development focuses heavily on data and collaboration. This gives them an edge of efficiency, allowing them to quickly analyze their clients’ particular issues, match it with up-to-date market insights, and make expert recommendations relatively quickly.
Sheffield Barry’s Top Employee Compensation Services
Although focused on providing streamlined compensation consulting, Sheffield Barry still offers a wide range of services for executive and broad-based pay strategy development. Their services include:
- Executive compensation program development
- Incentive design and payout calibration
- Pay grading for broad-based employee compensation
- Board governance consultation
Why This Compensation Consulting Firm Stands Out
Sheffield Barry’s emphasis on data automation lets them spend more time on developing custom strategies and less time manually combing through reports and studies. Their standardized approach relies on some of the most common and useful analyses in the field, cutting through the noise to find the right solution relatively quickly.
For mid-sized to larger organizations, Sheffield Barry is a particularly cost-effective and efficient choice for executive compensation consulting.
Contact Sheffield Barry to discuss your issues or submit an RFP.
5. Johnson Associates
Best Financial Sector Compensation Consulting
Overview of Johnson Associates
With over 20 years of experience in its space, Johnson Associates is a leading compensation consulting firm for large and multi-national financial services firms.
Their deep knowledge of the financial sector gives this firm an edge in providing up-to-date recommendations tailored to the specific needs and cultures of their clients. They provide custom-designed compensation programs for a constantly changing industry.
Johnson Associates’ Top Employee Compensation Services
Johnson Associates offers a range of typical compensation consulting services in addition to more finance-centric offerings. These include:
- Executive compensation program design and feedback
- Emerging market trends and issues analysis
- Annual, sales-based, and long-term incentive development
- Stock option valuation and transaction oversight
Why This Compensation Consulting Firm Stands Out
There are plenty of top compensation consultants who provide expert advice and strategy recommendations to large businesses, but Johnson Associates have proven themselves a leader in a particularly fast-paced niche.
Their deep institutional knowledge of the financial sector, up-to-date insights into new trends and regulations, and sensitivity to market cycles make them a top choice for firms in this space.
Contact Johnson Associates for more information on compensation consulting.
6. Semler Brossy
Best Compensation Consulting for Transitional Periods
Overview of Semler Brossy
Semler Brossy is a leading consulting firm founded in 2001. Although they focus on executive compensation consulting, Semler Brossy offers a number of other business consulting services for larger businesses across a wide range of industries.
Semler Brossy’s services are particularly effective for organizations undergoing significant transitional periods, including mergers, acquisitions, IPOs, and executive successions. Their team’s guiding principle is “creating clarity from complexity,” meaning their insights can really shine during your most complicated times.
Semler Brossy’s Top Employee Compensation Services
Semler Brossy provides a wide range of consulting services for large businesses, including executive compensation guidance. These services include:
- Full compensation strategy development
- Compensation strategy for transaction and turnaround periods
- Strategy development for CEO and executive successions
- Specialized incentive design for key employee populations during transitions
Why This Compensation Consulting Firm Stands Out
Semler Brossy stands out among the crowded field of executive compensation consulting because their expertise is perfectly suited to help businesses through some of the most difficult periods they experience.
Plus, this consulting firm prioritizes building lasting relationships with their clients. With yearly check-ins and regularly-scheduled program assessments, Semler Brossy can support your organization through a complex transition and then actively help you stay prepared for the next one, too.
Reach out to Semler Brossy for more information.
7. Longnecker & Associates
Best Compensation Consultants for Litigation Support
Overview of Longnecker & Associates
Founded in 2003, Longnecker & Associates are a leading executive compensation and governance consulting firm for mid-sized to large organizations.
Their approach is particularly effective in developing strategies for complex compensation and legal situations for which companies might normally rely on the services of multiple consultants. Longnecker & Associates’ combined experience gives them an edge in handling an especially wide range of issues and projects.
Longnecker & Associates’ Top Employee Compensation Services
While a full-service executive compensation consulting firm, Longnecker & Associates offers a wide range of services and guidance in other areas. These services include:
- Compensation consulting and strategy development
- Incentive plan design for annual and long-term programs
- Litigation support in cases involving compensation and governance issues
- Compensation guidance around restructurings, mergers, and bankruptcies
Why This Compensation Consulting Firm Stands Out
Longnecker & Associates stands out for the litigation support offerings for both defendants and plaintiffs. As a compensation consulting firm, their services can be useful to businesses in any stage of development or during any ongoing issue or adjustment.
Their experience working in a wide range of industries allows them to take a flexible approach and offer sound insights for clients working in any space.
Contact Longnecker & Associates for more information on their services.
8. Mercer
Best Compensation Consulting Firm for Global Executives
Overview of Mercer
Mercer is a global consulting firm that helps clients all over the world better manage their employees and streamline operations.
Executive compensation can be tricky, as it involves salary, benefits, bonus programs, equity options, and more. Mercer aims to ease those challenges. With expertise and connections to national and international resources, Mercer can help you plan an executive compensation strategy that is fair, motivating, and grows as your business does.
Mercer’s Top Employee Compensation Services
Mercer’s compensation consulting offerings are fairly comprehensive, with a variety of services for organizations and businesses of any size. Here are some of Mercer’s services:
- Plans to attract, retain, and motivate executive employees
- Alignment of executive pay with your organization’s unique strategic needs
- Maintenance of compliance with regulatory and shareholder guidelines
Why This Compensation Consulting Firm Stands Out
Mercer stands out as a compensation consultant firm because they have special services dedicated to global benefits management. Compensating your executives can already be difficult to navigate, and when they’re all over the world, it’s made that much harder.
By partnering with Mercer, you have access to their dedicated team of 9,000 experts specialized in executive compensation and the complexities of the global economy.
Contact Mercer for more information on their services.
9. Alliant
Best For Health Benefits Design Consulting
Overview of Alliant
Alliant is a group made up of creative and experienced professionals who want to help other organizations and businesses navigate the current economic climate.
Alliant consultants know that benefits play an especially important role in driving retention and engagement, especially during times of change. They’ll assist your compensation efforts every step of the way, providing resources and technology to help you create and implement the best plans for your team.
Alliant’s Top Employee Compensation Services
Alliant understands that a compensation strategy with fully fleshed-out employee benefits generates long-term value for organizations of all sizes. That’s why they offer the following variety of consulting services:
- Health and productivity program guidance and development
- Benefits program administration
- Industry benefits benchmarking
Why This Compensation Consulting Firm Stands Out
If your organization is struggling with designing your employee health benefits program, Alliant is the consultant firm to go to. Alliant understands that cultures that promote healthy lifestyles drive long-term employee value.
This firm will work with you to create customized health benefit programs based on your employees, culture, and budget. With Alliant’s highly experienced team of clinicians and wellness consultants on your side, designing your health benefits will be a breeze.
Contact Alliant for more information on their services.
10. Pearl Meyer & Partners
Best Compensation Consultants for High-Growth Startups
Overview of Pearl Meyer & Partners
Equipped with over 30 years of experience, Pearl Meyer & Partners has helped thousands of clients improve and optimize their employee compensation strategies.
Pearl Meyer & Partners has positioned itself as a thought leader for growing organizations, like high-growth startups. With their consulting services, your organization can create a compensation plan that thrives in today’s fast-paced environment.
Pearl Meyer & Partners Top Employee Compensation Services
Pearl Meyer & Partners know that there’s no “one size fits all” best practice when it comes to developing your own compensation strategy. Instead, they aim to develop partnerships with clients in order to best understand their needs. Pearl Meyer has the following services:
- Executive and employee compensation plan creation and feedback
- Communication guidelines for announcing compensation programs (and future updates) to both internal and external audiences
- Checklists for pre-IPO companies considering an audit
Why This Compensation Consulting Firm Stands Out
High-growth startups experience typical compensation challenges but at a much larger scale and faster pace than many young companies. Pearl Meyer’s consultants have years of experience with early-stage companies in various periods of growth and will be able to help you address any concerns you have.
Further, Pearl Meyer has worked with both public and private companies. This consulting firm has the insight to help any organization apply a long-term lens to its compensation strategy. With this expertise and guidance, you know your organization is set up for success.
Contact Pearl Meyer & Partners for more information on their services.
11. HR Works
Best Compensation Consultant for Affirmative Action Plans
Overview of HR Works
HR Works is made up of human resources professionals who have served all types of clients for 28 years. HR Works aims to help your business or organization minimize HR risks and increase employee productivity through a variety of compensation consulting services.
One of HR Works’s primary focus is affirmative action compliance. While not all organizations require an affirmative action plan, it is highly recommended. It’s especially important when it comes to your organization’s inclusion and diversity policy, an essential component of your compensation strategy. With years of experience and 100% technical compliance in OFCCP audits, HR Works closely works with you to develop your own affirmative action plan.
HR Works’s Top Employee Compensation Services
HR Works knows how important a healthy company culture is to the wellbeing of your business, especially when it comes to affirmative action. Here are some of the top services they offer:
- Affirmative action plan preparation
- OFCCP audit support
- Consultation and affirmative action plan implementation
- Federal reporting assistance
Why This Compensation Consulting Firm Stands Out
It’s crucial that your organization has a solid affirmative action plan in place, especially for your internal work culture and employee wellbeing.
HR Works provides affirmative action outsourcing services for whatever needs you have, from determining if you even need a set plan to implementing best practices for your own organization. With this dedicated support, HR Works ensures that every facet of your compensation strategies are sound and approved.
Contact HR Works for more information on their services.
12. Compensation Resources
Best for Board Equity Compensation Consulting
Overview of Compensation Resources
With over 25 years of experience, Compensation Resources specializes in providing emerging and mid-sized organizations with comprehensive compensation and human resources consulting services.
Often working with the boards of organizations and businesses alike, Compensation Resources can help your organization come up with creative and pragmatic solutions to any of your board compensation issues.
Compensation Resources’ Top Employee Compensation Services
Compensation Resources has earned a reputation for providing sound business advice and consulting services to a number of their clients. Here are some of their top services:
- Board member compensation plan review and design
- Executive compensation evaluations
- Stock option and board equity strategies
Why This Compensation Consulting Firm Stands Out
A pain point many larger organizations might have is determining how to compensate and engage their board members. Compensation Resources has specific abilities that aim to support programs focused on board member pay, retainers, and equity compensation.
Compensation Resources aims to provide thoughtful, independent counsel to ensure that your board is fully engaged and invested in your organization’s growth.
Contact Compensation Resources for more information on their services.
Compensation strategy is vitally important for businesses and nonprofits of any size or type. Remember, employee compensation programs and practices should ideally reflect an organization’s long-term goals and priorities.
While developing an employee compensation program that addresses everything can be a major challenge, compensation consulting firms are always on hand to guide your team through the process.
Look for partners with plenty of experience and a wide range of services in your particular space. Most importantly, look for a compensation consultant who understands that your strategy and program must lay a foundation for sustainable growth.
Looking for more resources on compensation consulting and human resources best practices? Be sure to continue your research:
- Astron Solutions’ Tips to Lower Staff Turnover. Employee retention has declined across the board over the past year, but smarter human resources strategies and compensation programs can turn the tide for your organization.
- Top 12 Nonprofit Consulting Firms from Double the Donation. Nonprofit organizations have unique needs that consultants specialized in for-profit practices might not understand.
- Signing Bonuses: A Useful Talent Acquisition Tool in Today’s Labor Market? Signing bonuses are an effective and increasingly common trend in talent acquisition, but they can have their drawbacks, too.
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