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This project was completed on May 8, 2021
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Matched with Benjamin S.
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See the Impact story
Compensation Plan
Initiative Foundation
Compensation Plan
Project details
What we need
- Review of job descriptions, pay structure, internal value, competitive market data, non-monetary rewards and benefits
- Recommendations for updating staff compensation and incentive plans
Additional details
In addition to what is listed here, we would like to understand if there are best practices in terms of comparing top paid staff wages against our lowest paid staff. Additionally, we have established ranges for different positions (admin, administrators, managers, directors and VPs) and would like to evaluate these ranges, how distinct they should or shouldn't be and then develop clear criteria for advancing individuals into manager and director roles.
What we have in place
- We currently have an organizational chart, salary ranges and classifications, which should make it easy for you to get started. We also have job descriptions and the ability to provide relevant info, and the ability to provide any other information you need.
How this will help
This project will save us $12,566 , allowing us to invest in our staff and their professional development.
Our organization is growing and we are approaching $100M in total assets. We have never had an external compensation evaluation completed. We have a focus on diversity, equity and inclusion and we want to be sure our compensation plan reflects these values.
Project plan
Posted by
Lynelle B.
CFO/COO/Treasurer
Our mission
The Initiative Foundation works daily to strengthen the economy and communities of Central Minnesota:
Through loans and financing, we invest in businesses that create quality jobs.
Through grants and programs, we invest in organizations that make our economy strong. Through donor services and charitable funds, we help people invest in their communities.
We believe that local people have the greatest sum of initiative, knowledge and relationships to achieve a brighter future.
What we do
A single gift to the Initiative Foundation strengthens the communities, economy and philanthropy in Central Minnesota. Every gift of $1 returns an average of $4.50 in Foundation grants, business loans and scholarships back to the region.
Testimonials
Ben sifted through a lot of information around our positions and related compensation in a relatively short period of time. His approach was well thought out and that gave us a high level of confidence. We appreciated that he took the time to review his methodology with us and have conversation back and forth around a range of topics. We have implemented his recommendations and plan to seek external review of our compensation plan about every three years. It's good to know where we stand! Thank you for sharing your expertise with us, Ben!
They have been great to work with. Lynn and MaryAnn were very responsive, provided great details and items needed to complete the project. They even had gotten salary surveys which were a huge help.
