Compensation Consulting

Compensation is a key factor when hiring and retaining quality employees. By offering compensation consulting services, Warren Averett helps businesses leverage valuable insight that can lead to attracting and retaining the best people for your company while also maximizing shareholder value. Our team of compensation consultants believe first in understanding your business, growth strategy, leadership and culture to ensure we provide a solution catered to you. Our end goal is to help your company formulate a compensation plan that will benefit your organization and help you achieve your business goals, while also remaining competitive and maintaining compliance.

The compensation consulting programs that Warren Averett offers range from advising on base salaries to short- and long-term incentives that you offer to your employees and job candidates. Our consultants offer both broad compensation services and executive compensation consulting, depending on your specific situation, preferences and needs. Whether your organization has been in business for decades or if you are just beginning to hire your first employee, compensation consulting could help you connect performance and pay to deliver the best return on your compensation investment.

Below, we have answered some of the most frequently asked questions our compensation consultants hear about these services and how businesses can use them for their benefit.

Frequently Asked Questions about Compensation Consulting Services

In its simplest definition, compensation consulting is a service that Warren Averett’s advisors provide to companies that help them make sound decisions about the salaries and benefits that they offer to their employees. Because our team works with many different kinds of businesses in different industries and locations, and because they rely heavily on staying abreast of trends and data in compensation, our consultants have a solid grasp on what makes companies most competitive in attracting and retaining the right employees for them in today’s job market and economy. Our consultants work with businesses to not only determine what would make them competitive in attracting employees, but also what is most effective for their long-term financial strategy.

There are a few key identifiers that would indicate your company could benefit from compensation consulting services. These indicators include:

  • Your business does not have a set standard for formulating or adjusting compensation plans.
  • When a new employee is hired, his or her salary and incentives beyond base salary are determined subjectively.
  • Compensation strategies aren’t consistent throughout your organization.
  • Employees’ base salaries and short- and long-term incentives do not depend on objective measurement.
  • Your executives seem to lack motivation to achieve business goals.
  • The incentives you have in place for employees to reach new company goals aren’t driving the desired activities.
  • Your business lacks the large amounts of time and resources that it would take for your internal human resources team to evaluate your business against industry and geographical data to design an unbiased compensation plan.

Yes. Our team of compensation consultants uses relevant data for your company’s industry and geographic location to build an infrastructure upon which to base sound decisions about executive compensation. Executive compensation consulting can specifically help your organization to improve team performance from the top down by offering the incentives that will be most effective in achieving your business’s overarching goals.

By having Warren Averett’s compensation consultants perform an analysis, you may notice areas in which your company can actually save money. You may find that the amount you increased a relocated employee’s salary was inconsonant with the cost of living in that area, or you may discover that some performance is rewarded with disproportionate bonuses because it is determined subjectively. The end goal of compensation consulting is to ensure that compensation is appropriate and competitive in order to move your business forward, but because our team relies heavily on compensation data, they may be able to provide insight and strategies that could result in cost savings.

Warren Averett has team members with over 40 years of individual experience who have owned multiple compensation and benefits consulting firms and have worked with a wide range of industries.

Our compensation consultants use data from the Economic Research institute and Payscale, the largest database of individual compensation profiles in the world.

Because each company has unique objectives and needs, Warren Averett tailors compensation consulting services to fit each specific organization. For more information about how your company may be able to specifically benefit from Warren Averett’s compensation consulting services or to learn more about how our team can offer data and insight to your company’s strategic compensation decisions, click here to connect with one of our advisors.

Meet our Compensation Consulting Team

Learn more about our team members' expertise, insights, and how we can help you thrive