Customer Success Stories
Empowering Employee Engagement: Flexing It Consultant Revamps Rewards Strategies
Written by: Flexing It
8/09/2023
3 minutes read
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Our client is a leading global pharmaceutical company specializing in manufacturing novel biologics and formulations for emerging markets. As part of their journey towards transforming their rewards domain, they engaged the expertise of a seasoned Flexing It consultant with over 26 years of experience in successfully creating and managing rewards strategies for various organizations across industries. Their extensive expertise includes handling rewards during mergers, acquisitions, and integration stages, unifying pay structures, attracting and retaining top talent, and advising numerous conglomerates and start-ups on reward-related matters.
The project's primary objective was to develop and implement a robust rewards strategy that aligns with the organization's priorities. This involved understanding the client's needs and collaborating with Business and HR Leads to design a scientific and progressive compensation model. The consultant aimed to build an organization-wide rewards strategy based on comprehensive salary benchmarking while ensuring effective benefits management. They were also responsible for crafting intuitive compensation structures, encompassing fixed and variable salary components, employee perks, and long-term incentives such as Employee Stock Ownership Plans (ESOPs). To maintain fairness and legality, the consultant had to stay updated on the latest market knowledge, including tax implications, to ensure consistent and compliant salary reviews.
Understanding the importance of mobility in today's global workforce, the consultant developed progressive policies and processes related to domestic and international relocation and internal transfers. These policies encompassed various facets, including immigration, expatriate taxation, and mobility practices, to ensure a seamless experience.
The introduction of progressive compensation structures, employee perks, and long-term incentives like ESOPs significantly improved the company's ability to attract top talent and retain valuable employees.
By aligning rewards with the organization's strategic goals, implementing progressive policies, and staying abreast of market trends, the consultant successfully paved the way for a more engaged, motivated, and satisfied workforce.
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