McLagan Consultants:

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Custom Pay Analysis

We provide firms with a complete understanding of their market position, which allows firms to gauge the competitiveness of their pay by location, complexity, and footprint. Our custom analyses help firms prioritize their pay decisions, ensuring that they can attract and retain top talent and adhere to their compensation philosophies.

Tailored Peer Group Selection

Our standard sector-specific compensation survey data provide robust information about competitive pay levels on a position-by-position basis as measured against all survey participants. Customized pay analyses take market pricing one step further by focusing pay comparisons on select peer groups that are customized around each client’s specific business profile. Our consultants are expert in helping clients define customized peer groups, given their understanding of the underlying survey participants and the client’s business and HR strategy. Typically focused on peer groups that vary with company size, strategy, complexity and/or footprint. Select peer groups provide the best basis for evaluating competitive pay requirements. Our consultants work with clients to understand your business profile to understand the best peer group for your need.

Reporting, Tailored to Client Needs

Each client has a unique business profile defined by location, product mix, job families, and organizational structure. Like a tailor-made suit, our customized pay analyses fit the survey data and peer groups to each client’s unique profile.  In doing so, customized pay analyses allow clients to make the informed pay decisions, such as:

  • Which functions are under- or over-paid?
  • To what extent does our pay mix align with market practices?
  • How does our relative pay competitiveness vary between our top- and average-performers?

Our customized approach helps clients gain a clear understanding of our client's market position and the competitiveness of employees' total rewards packages. We can identify employees who are remunerated at a rate higher or lower than the market norm and offer solutions to close any gaps related to such practices, then determine the cost to implement these recommendations.

Getting Total Rewards Right

We provide insights to year-over-year compensation trends, allowing us to help our clients navigate changes in the industry and regulations to ensure compensation strategies are aligned to overall salary budgets and business strategies. Our team helps clients with:

  • Market Positioning: Develop an understanding of factors to consider when positioning the company-wide pay policy.
  • Fixed Pay and Benefits: Identify types of flexible benefits applicable to job families and sectors and prevalence, cost, and value of benefits.
  • Financial Services-Specific Rewards Information: Our team has a deep understanding across financial service sectors, allowing our team to give industry specific recommendations to our clients.
  • Short and Long-Term Incentives: Design optimized job family and employee group-specific incentives and sector-specific practices.
  • Pay Mix: Understand the proportion of fixed pay and incentives within the total pay mix and variations depending on employee groups and job families.
  • Strategic and Customized Analysis: Depending on the needs of your organization we can design, develop, and conduct special diagnostic analyses to understand more about the relationship between internal pay and gender equity, age, seniority, or other factors within your organization.