McLagan Consultants:

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Broad-Based Compensation Design

Our compensation consultants help financial services firms improve performance through strategic reward design and risk reviews. We emphasize a balanced analytical approach in developing and implementing total rewards solutions that focus on business strategy, financing, and tax considerations.

We Partner With Clients

We have successfully completed thousands of compensation planning, design, and benchmarking assignments for our clients in the U.S. and abroad. We have the ability to provide a total rewards optimization review for financial services firms. We have over 50 years of experience in defining human resource strategies. We help clients create the optimal mix of compensation, benefits, and professional development opportunities for their unique organizational needs. Optimizing a firm’s total rewards offering can generate significant cost savings and ROI while increasing employee satisfaction and engagement. By partnering with our clients, we are able to use our standardized approach to apply a customized strategy that is specific to our clients' business needs.

Our firm conducts compensation surveys specific to financial services sectors and base all market practice studies on comprehensive compensation market data. To learn more about our sector-specific compensation surveys, please click here.

Compensation Plans Advisory and Analysis

We work with our clients to design total rewards programs that apply industry best practices, but are customized specifically to clients. Our specific areas of expertise include:

  • Annual and Long-Term Incentive Planning
  • Competitive Pay Analysis
  • Compensation Philosophy
  • Regulatory Guidance
  • Pay for Performance Measurement and Strategy
  • Salary Banding and Organization Structure Design

Job Alignment

We work with clients to map job families, functional titles, and job descriptions to a standardized approach. This maps to our industry specific compensation surveys and helps firms understand their compensation strategy in relation to market data.

Firm Value
  • Facilitates strategic assessment of headcount deployment
    and efficient allocation of resources
  • Adds precision and efficiency to recruitment process
  • Creates cross-location standardization
  • Ensures transparency / credibility in the job evaluation
    process
  • Mitigates legal risk
Employee Value
  • Provides clarity around responsibilities associated with
    job
  • Managers / staff have more impactful goal-settings

Leveling / Titling

Our consultants partner with clients to understand the best mapping of employee salary bands and titles. This helps our clients simplify their benchmarking process.

Firm Value
  • Simplifies benchmarking process
  • Explicit criteria clarifies promotion process
  • Allows management to measure and avoid top-heaviness
  • Simplifies year-end process, such as equity modeling
  • Mitigates legal risk
Employee Value
  • Clear title guidelines heighten employee engagement
  • Managers / staff have more impactful goal-setting
  • Standardized bands enhance internal mobility
  • Helps define career path
  • Defines opportunities for managers and individual
    contributors

Pay Structure

We help clients understand how to structure their firm salaries in conjunction with business strategies.

Firm Value
  • Salary costs reduced by structuring new hires and
    promotes ranges
  • Structured salary approach eases administration burden
  • Salary bands often eliminate multiple merit-based pay
    decisions
  • Facilitates long-term salary budget planning
  • Mitigates legal risk
Employee Value
  • Clear title guidelines heighten employee engagement
  • Managers / staff have more impactful goal-setting
  • Standardized bands enhance internal mobility
  • Helps define career path
  • Defines opportunities for managers and individual
    contributors

Connecting Rewards with Financial Performance

We help clients develop effective compensation strategies which balance performance, firm wide and individual, with reward by leveraging our proprietary database of detailed headcount, aggregate spend, productivity and payout ratio data. With increased regulatory, political / public attention turned to the pay equation our fact-based approach enables clients to understand how on-going adjustments to accruals will effect market position, and how to direct scarce dollars appropriately. All of our data is based on comprehensive market data, aggregated and normalized to market. We have the ability to connect reward data to firm financial performance, allowing us to provide industry specific performance recommendations.

To learn more about our business performance solutions, please click here.