Performance-related compensation and benefits are a key part of what makes employers attractive, especially when it comes to financial service companies. Traditionally, for banks in particular, ensuring that the monetary elements (basic compensation, variable compensation, allowances) and non-monetary elements are in line with the market is a matter of great importance. 
 
Companies use a range of benchmarking approaches – studies, expert reports, etc. – to make sure that their compensation and benefits are at market levels in terms of their level and structure. Compensation systems must combine expertise in finance, risk and HR with a profound knowledge of national and international regulations.
 
Given the radical changes taking place in the industry since the last financial crisis, companies are also scrutinizing the cost of their existing compensation and benefits programs. The new legislation on the design and structure of compensation, especially the compensation of employees on whom the success of the institution depends, have led banks to carefully reexamine and adjust these programs.
 
hkp/// group offers wide-ranging expertise on the design and implementation of compensation and benefits systems, including company pensions. Our industry experts compare current programs with market practice using data from our regular studies and other market analyses. On this basis, we offer advice about potential optimizations. Besides redesigning and restructuring compensation programs, we also support implementation on a operational level by developing relevant communication materials and processes.
 
If necessary, hkp/// group can support your HR team on-site or supply expert staff on a temporary basis. The type of support provided and the level of consultant involvement is determined in line with your individual needs.
Author Petra Knab-Hägele

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