Improve Compensation and Benefits Competitiveness

In this video, we’ll create an OKR to “Improve Compensation and Benefits Competitiveness”. In the HR department, you’ll have to cover many aspects of employee life in your company. An important component of an employee’s experience with a company is the compensation and benefits package. Ensuring that your company offers a competitive package for your employees can help employee retention, satisfaction, and the quality of incoming job candidates.

The key results we could use to measure an Objective such as this are:

• Increase Salary Competitiveness Ratio (SCR) from 0.8 to 1.2
• Increase Salary Competitiveness Ratio for Stars from 1.2 to 1.75
• Increase Employee satisfaction (ESAT) score in Annual surveys on Compensation and Benefits Plan from 50% to 75%

Let’s input this OKR in the Profit.co software.

After entering your Objective, you’ll create a new key result using the form. Input the first key result title– Increase Salary Competitiveness Ratio (SCR) from 0.8 to 1.2– and select the target date for completing this key result. Because this is a metric-based key result with a starting value, and a value we want to achieve, we’ll select “Increase KPI” from the key result type drop down menu. You can create a new KPI by pressing the plus sign symbol, or search for an existing KPI by browsing with the magnifying glass or searching the title. Adjust this KPI to your specifications- your starting value and target value.

Then, you can indicate if you’d like to assign this key result to another member of your team, and add any additional context. Finally, select the desired frequency for check-ins on this key result, and press create.

Now, you have a clear and specific key result that will necessarily impact your objective of improving compensation and benefits competitiveness. Here are the other key results that will assist with this goal–

By addressing each aspect of the HR department’s duties with an OKR, your team will be better-equipped to offer employee support, and increase your employee satisfaction and retention.