Issue: A major foundation board wanted to assess morale of its seven-person staff, develop focused compensation suggestions responsive to individual needs and determine competitive industry salary, perquisite and retirement packages.
Our process: Extensive interviews with each employee identified two areas of concern that could lead to employee resignation. Coordination with in-force benefit programs was essential. We recommended and adopted tax-advantaged improvements including advanced degree reimbursement, redesign of salary payment structure, institution of a ‘top-hat’ selective retirement plan, and creation of a non-qualified deferred performance plan. The foundation adopted its first philosophy of compensation statement, a constant in the Calfee Financial process. The philosophy described the advantages of above-median pay and benefits, flexible work schedules and a cohesive and comfortable work environment.
Result: Presentation of the philosophy to the board elicited commentary and some disagreement. Ensuing discussions and follow-up meetings helped the board understand the long-term advantages to the comprehensive program, as they adopted the recommended package.