Compensation Plan

Help Initiative Foundation learn how to attract and retain talented employees with a compensation plan that is in keeping with marketplace trends and financially feasible.
Initiative Foundation
Little Falls, MN, USA
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Initiative Foundation
Little Falls, MN, USA

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Posted March 2nd

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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 $6,746 , 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

P
Prep: Current Materials
  • Volunteer Manager provides Professional with an overview of current job descriptions, pay structures and compensation policies
1
Milestone 1: Research & Analysis
  • Professional connects with Volunteer Manager for a brainstorming session
  • Professional analyzes current job descriptions, pay structure, non-monetary rewards and benefits
  • Professional gathers information about competitive market data and internal value of positions
2
Milestone 2: Recommendations
  • Professional proposes recommendations for job descriptions, pay structures, compensation policies, and incentive plans
  • Volunteer Manager provides feedback to Professional’s proposals
3
Milestone 3: Compensation Plan
  • Professional delivers a compensation plan with updated job descriptions, pay structures, non-monetary rewards and other incentives
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About The Org

Initiative Foundation
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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.

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