OKR template to enhance competitiveness in compensation and benefits program

public-lib · Published 2 months ago

The OKR titled "Enhance competitiveness in compensation and benefits program" is focused on improving the company's employee benefits through feedback and benchmarking. One objective is to implement three new competitive benefits suggested by employees, with initiatives including reviewing survey results, rolling out the new benefits, and developing an implementation plan.

Another objective under this OKR is to conduct a benchmarking study against 10 industry-leading companies. This involves comparing and analyzing the data against the company's existing system, identifying companies with high-ranking compensation and benefit packages, and collecting data about their programs.

The final objective is to achieve a 10% decrease in employee turnover related to compensation issues. This can be accomplished by implementing competitive salary matching based on industry standards, establishing a clear, merit-based system for pay raises and promotions, and identifying employee dissatisfaction through internal surveys.

These initiatives together aim to make the company a more competitive and appealing place to work through its compensation and benefits program, thereby reducing turnover and increasing job satisfaction amongst its employees.
  • ObjectiveEnhance competitiveness in compensation and benefits program
  • Key ResultImplement 3 new competitive benefits proposed by employees after survey
  • TaskReview employee survey results for new benefit suggestions
  • TaskAnnounce and roll out new benefits to employees
  • TaskDevelop and cost implementation plan for proposed benefits
  • Key ResultConduct benchmarking study against 10 industry leading companies in compensation and benefits
  • TaskCompare and analyze collected data against our company's system
  • TaskIdentify 10 industry-leading companies with top compensation/benefits packages
  • TaskGather data on these companies' compensation/benefits
  • Key ResultAchieve 10% decrease in employee turnover tied to compensation issues
  • TaskImplement competitive salary matching based on industry standards
  • TaskEstablish transparent, merit-based pay raises and promotions
  • TaskConduct an internal survey to identify compensation dissatisfaction
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