Hoi Tu Investment Consulting (HTIC) works with your company to create budget-conscious compensation programs that are attractive to current and prospective employees.
HTIC will develop a customized performance management appraisal to evaluate your associates’ strengths and areas for organizational improvement. Properly documented, timely communications let your employees know when they are meeting expectations and where they need to focus on improving. HTIC will train your managers and supervisors to conduct effective performance appraisals.
Have HTIC develop and implement a compensation program that complements your business strategy, management style, and associate base. We can also conduct an annual review of your company’s compensation program to ensure they are competitive, cost-effective, and compliant with federal and state regulations. Our compensation plans can address employees at the hourly, clerical, professional, and executive levels. In addition, HTIC can develop management and executive performance incentives and recognition plans that attract and retain employees.
Merit Budget Plans
A merit budget plan is a financial plan to allocate the money for pay wages and financial benefits to a covered group of employees over a specified period of time. HTIC will work with your executive team to develop a merit budget plan that meets your organization’s financial objectives.
Stay competitive with a wage and salary policy. Position market pricing ensures your company is paying employees a wage based on current job market rates. HTIC can assess industry trends and marketplace wages to make sure you’re not over or under compensating your staff.
Some positions are paid based on employee performance. HTIC can develop a sales compensation plan to pay sales representatives and sales managers. Sales compensation plans take job objectives and employee accomplishments into account. Sales compensation formulas often establish direct incentives for sales-related outcomes, such as commission.