A Fortune 500 company is looking for a compensation consultant to reassess their organization's compensation plan. There have been a lot of resignations in the current year that the management team has decided to finally stop and look at whatever mistakes they have made in the past and correct them in the present. They contacted an agency to look for a compensation consulting firm. They got several endorsements and conducted interviews. It was quite challenging at first but after weeks of screening, they hired the perfect candidate. The consultant got to work immediately. He worked long hours with the employees. He interviewed them, conducted market research, analyzed the employees' needs. The consultant was very intelligent in making decisions and this could be the top reason why he was hired.
It was found out that the employees are moving to the company's competitor because it has a much higher offer and other benefits involving health insurance. Obviously, their employees feel that this other company can reward them with more that's why they are moving.
Now that the former company has the necessary information for them to create better decisions for their employees, they can probably expect less turnover in the coming months. Employees' loyalty is extremely important, but of course, you cannot expect everyone to be loyal for the sake of loyalty. They need to feel that their work is being recognized by the company. Hopefully, this project will improve the status of this company very, very soon.