OKR template to enhance competitiveness in compensation and benefits program
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.
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.
Enhance competitiveness in compensation and benefits program
Implement 3 new competitive benefits proposed by employees after survey
Review employee survey results for new benefit suggestions- Announce and roll out new benefits to employees
- Develop and cost implementation plan for proposed benefits
- Conduct benchmarking study against 10 industry leading companies in compensation and benefits
- Compare and analyze collected data against our company's system
- Identify 10 industry-leading companies with top compensation/benefits packages
- Gather data on these companies' compensation/benefits
- Achieve 10% decrease in employee turnover tied to compensation issues
- Implement competitive salary matching based on industry standards
- Establish transparent, merit-based pay raises and promotions
- Conduct an internal survey to identify compensation dissatisfaction
