Feb. 21, 2024

This paid piece is sponsored by Alternative HR.

Employers recognize that to attract, retain and motivate top talent, they must offer a competitive compensation and benefits package, but the field of compensation can be complex.

It’s dependent on variables such as the changing nature of the workforce, market influences, the organization’s financial ability and the need to balance internal and external equity.

Helping employers effectively navigate the complexities of compensation is one of the services Alternative HR provides to its clients.

“We can be a resource for businesses when it comes to compensation,” said Dan Oakland, founder and CEO.

“We take a strategic approach and utilize market-specific data to make thoughtful recommendations.”

Having a plan when it comes to compensation contributes to positive market perception and reduces turnover costs, he said.

“Investing in your workforce can pay dividends in terms of organizational success and growth,” Oakland added.

Alternative HR helps businesses with a variety of compensation needs – from market rates for specific positions to a comprehensive analysis of job positions within an organization.

“One common challenge is the absence of detailed job descriptions, with pay often determined arbitrarily during the hiring process,” said Julie Nelson, an HR senior consultant.

“Our role is to conduct a thorough analysis and help clients better understand each job, how they compare within the market and what the value is to the company. We work toward establishing fair and consistent pay ranges for each position.”

Alternative HR consultants take time to meet with clients to establish pay philosophies, exploring where they want to position themselves in the market and taking into consideration budget, industry standards and the need to attract and retain talent.

“We help clients through the complexities of determining pay philosophies, considering factors like market fluctuations, cost-of-living adjustments and more,” Nelson said.

While there are free resources available such as Department of Labor statistics and online salary data, much of it is outdated when it is published, she said.

Alternative HR has access to more comprehensive and current information from hundreds of industries and thousands of jobs throughout the United States. This diverse data source, combined with Alternative HR’s compensation expertise, positions businesses for success.

“Navigating diverse data sources can be challenging for clients. Our role is to simplify and synthesize this information,” Nelson said. “Our goal is not only to provide a product but also to empower clients with the knowledge and tools they need for ongoing success in managing their compensation strategies.”

Alternative HR works with a variety of businesses, nonprofits and public entities to tackle any need related to compensation.

Two of Alternative HR’s clients – Augustana University and Plains Commerce Bank – hired the HR firm to complete extensive compensation projects.

Through an initiative outlined in its strategic plan, Augustana committed to creating a comprehensive compensation plan to better serve its 500 employees.

With a five-person human resources team, Deanna Versteeg, senior vice president for human resources at Augustana, contacted Alternative HR for help.

Versteeg said Alternative HR helped analyze job descriptions, determine salary ranges and create grade levels for exempt and nonexempt employees.

“It’s easier to explain a compensation plan when you have a structure in place,” Versteeg said. “It gives us the flexibility to look at job experience and other skills an employee can bring to a position, so we can work within a salary range to be competitive and pay that person for their knowledge.”

Though the compensation plan was implemented over a year ago, Versteeg continues to lean on Alternative HR when a need arises. She also has utilized the firm to provide leadership training to university employees.

“Alternative HR knows the community of Sioux Falls, and they also know the region, which is valuable for our needs,” she said.

Lon Clemensen, the executive vice president of human resources at Plains Commerce Bank, sought Alternative HR’s assistance to analyze positions within the organization’s retail banking and business/agriculture divisions to create a customized pay plan.

Employees in the various divisions include exempt and nonexempt positions such as tellers, banking assistants, loan operations staff, customer service representatives, agriculture and business bankers, market presidents and executive team officers.

Alternative HR created a salary guide that analyzed each position, providing local and regional comparisons for Plains Commerce Bank to consider.

“Alternative HR saved us many hours of research time,” Clemensen said. “They have access to the information we needed, then they compiled it and reported back to us.”

Clemensen and his HR team have used the salary guide prepared by Alternative HR to help with the hiring process and to ensure that Plains Commerce Bank remains competitive in the market for wages and salaries.

“We still utilize their resources,” Clemensen said. “They do a really good job of getting down to the specifics of what a position does. They dig deep. They strive to do their best and produce the most effective results for you.”

In providing compensation assistance to clients, “whether an employer needs wage information for a single job, for multiple jobs, for positions in multiple states or a total compensation plan, we’ve got the information and the compensation specialists to help them,” Oakland said.

To find out more about Alternative HR, click here, or call 605-335-8198.

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