In an environment characterized by an increasing focus on cost, efficiency, and regulatory requirements, having the right market data is key in seeing the full picture. We provide the quantitative and qualitative measures and insights that are required for long-term strategic decisions for financial services infrastructure positions globally.
Our unique perspective and abundance of data enables us to help clients understand critical issues for their businesses including, but not limited to, regional pay differentials, talent availability, optimal infrastructure staff size and alignment, and market best practices for pay and recruiting. Clients that participate in and purchase results for multiple countries have the opportunity to receive a global summary report detailing their competitive market positioning and a cross-industry view for both financial services and high-tech industries. McLagan can also work with clients to customize reporting needs if needed.
Comprehensive Compensation Intelligence
Our proprietary survey structure allows us to provide clients with key compensation elements and results segmented by both individual business lines and compensation elements. Our categories include:
- Base Salary
- Cash Bonus
- Incentives as of Percent of Salary
- Long-term and Deferred Awards
- Mix of Pay
- Total Cash
- Target Cash Incentives
- Total Compensation
Coverage of Infrastructure Businesses
We provide a holistic view of key compensation elements and metrics of the following business areas:
- Administration Support
- Communications and Marketing
- Corporate Services
- Finance and Business Services
- Human Resources
- Information Technology
- Legal and Compliance
- Risk Management
Surveys provide additional statistics for both functions and roles in the businesses listed above.
Global Reporting and Advisory Solutions
In our current environment, which has an increasing focus on cost, efficiency, and regulatory compliance, having the right data is key to making long-term strategic decisions is not enough. In addition to our compensation surveys, we provide additional advisory solutions customized to help our clients build the right strategies to react to market conditions and serve overall business objectives. To help our clients, we provide:
- Global Early Reporting Packet: Early reporting enables firms to assess changes in market position by reviewing year-over-year “same-store” movement. Year-end reporting reflects a firm’s entire population in order to analyze market position by function, level, and location including rank of pay, cost to market, benchmarking, year-over-year changes, and compensation dashboards.
- Leveling and Salary Structure: Consulting projects such as leveling and salary structure initiatives enable firms to establish a clear job alignment structure (including job grades, titles, and descriptions), while incorporating a comprehensive salary structure. To learn more, please click here.
- Location Strategy Analysis: Whether it be off shoring or near-shoring, we can assist in reviewing a firm’s location strategy by providing actionable insights around leveraging revenue opportunities outside traditional locations and other best practices. In additional to providing compensation benchmarks, we regularly provide guidance and support to a firm in the selection of potential locations by looking at highlight where viable talent can be found.
- Organizational design: Consulting projects reviewing optimal reporting structures can help firms become more efficient both from a productivity and cost standpoint.
Moving Beyond Pay: Market Intelligence and Insights
In an effort to remain on top of the market best practices, we conduct both market practice studies and free pulse studies throughout the year. These studies are driven by conversations with clients that tell us what is top of mind and are focused on the hot topics facing the industry. Our market practices studies provide clients with the deep industry knowledge and insights needed to maintain competitive position, drive organizational change, execute long-term business strategies, and drive results. Some of our current Market Practice Studies specific to infrastructure roles include:
- Control Function Study/AML Financial Crimes Study: We cover trends in compensation, retention practices, organizational structure, and staffing for control functions. This study helps firms navigate the heightened regulatory environment, which has resulted in an increased demand for top risk and compliance talent.
- Hot Topic and Pulse Studies: We regularly run complimentary studies that identify and provide a quick overview of key infrastructure topics. Our clients use this data to stay up to date on the latest in current market practices in order to better identify and reward talent.
- Infrastructure Graduate Study: We provide a holistic look into competitive compensation and benefit packages across both financial services and technology firms, which helps firms compete for top talent with competitive recruitment programs.
- Infrastructure Pay Practices Study: We provide clients with current market approaches to overtime, FLSA policies, and call out and shift payments across information technology, operations, finance, and corporate services functions.
To learn more about McLagan Market Practice Studies, click here.
Survey Pricing, Access, and Support
Fees for McLagan compensation surveys vary based on size of firm, functions required, and number of surveys being purchased.
Survey purchases include 24/7 access to the McLagan Online client portal. This puts survey results and insights in reach at all times.
All survey clients are assigned a dedicated Relationship Manager to provide benchmarking support during the survey input, position and employee level analysis, and access to webinars and roundtables where clients receive the latest in hot topics in the market and networking opportunities with industry peers. We provide a variety of rewards and compensation advisory solutions to assist clients with their compensation, performance, and talent strategies.