Human Resources Suite
Compensation and Bonus Plans
A credit union’s investment in total compensation expenditures on average represents 60% of operating expenses and consumes 40% of the revenue. Compensation decisions, therefore, should be made based upon the corporate strategic direction and compensation strategy. Data must consider the strategy and provide comparisons relevant to the compensation strategy. With these considerations as a framework, HCSGroup first develops a clear understanding of the compensation philosophy and the corporate human capital needs, defines the appropriate market for comparison, then collects and evaluates the market data. Discussions with position incumbents and managers are used to validate or modify conclusions based upon internal equity needs. We apply this strategic process in order to ensure that we build a sound, logical framework for your compensation decisions.
Bonus and Incentive Plans
Maintaining a strong, competitive position is directly correlated with maintaining a competitive workforce rich in talent, experience and motivation. An effectively crafted Bonus/Incentive Plan attracts, retains and rewards talent. Our consultants work with the credit union to outline a model that is aligned with the credit union’s compensation strategy and based upon attainment of clearly defined performance targets
Personnel Selection and Employee Assessments
Increasing the probability of long term employee success through effective processes to identify, recruit and retain employees at all levels directly impacts the bottom line of the credit union. The cost of training and retaining can increase expenditures and impact revenue. Selecting specific tools to determine a candidate’s aptitude, work and management style, culture fit, critical thinking skills, as well as determine abilities and characteristics compatible with position requirements increases successful hiring decisions and elevates the probability of the new hire making an immediate contribution to the organization. Our staff will develop customize training for conducting interviews and utilizing on-site personnel selection assessments.
Human Resources Policies and Systems
Reviewing and updating personnel policies based on current Department of Labor laws and guidelines is critical in an organizations work environment. Our consultants will review, create or update current personnel/employee handbooks. Our staff will train exempt/non-exempt personnel in the implementation and oversight of the credit union’s policies and guidelines, along with labor laws impacting hiring and interviewing.
According to research, companies that manage talent effectively post earnings that are 15% higher than peers. Identifying and developing talent all levels is a critical process that ensures an organization has the quantity and quality of people to meet current and future business priorities. Essential to the process is a Performance Management process that consistently defines and evaluates performance against expectations.