October 17, 2013

Mercer: An Inside Look

Mercer logoIs your organization struggling with compensation and benefits administration? To be honest, it isn’t all that uncommon to have a payroll and HR department completely shut down the week that payroll is due, but you can’t continue down that path without looking at some serious damage to your bottom line.

Regardless of how efficient a business is, there is always a way to improve. Have you been wondering how your workforce compares to that of your competition? Maybe you’re eager to open international locations but are unsure as to how you can manage a global workforce? Well, a company by the name of Mercer can give you all that and more with their incredible products, which range from compensation management to global mobility and consulting.

With the economy in an underwhelming state, employees are looking to stick with an organization that not only provides a healthy, strong corporate culture but also one that offers a competitive compensatory and benefits package. Do you know if your compensation packages are adding up?

Well, Mercer provides a product called PayMonitor, which allows you to analyze your current financial situation and measures your remuneration packages against others in the same industry and market. Knowing that magical dollar figure will help you determine what it is that you need to do to not only attract the best talent, but to keep them as well.

With ePRISM, Mercer’s planning and management tool, the ability to see the bigger financial picture of your business is right at your fingertips, helping you to identify areas for improvement, like an employee who is a higher performer but is being paid below their market value.

ePRISM also aides in responding to management requests and was redesigned in 2012 in order to provide a more seamless mechanism for job-pricing, benchmarking and evaluations.

Do you know what the cost of living is where you are?  If you don’t, then there is a chance that you could be missing some very real talent. Mercer released their 2012 cost of living rankings by city, which means that you could be over or underpaying your staff depending on where your offices are located.

This isn’t the only global workforce solution that Mercer offers though. Aside from a cost of living analysis, they can assist you with managing the different aspects of employees who are on either long or short-term assignments. Take the headache out of tasks like determining long-term housing prices and travel allowances with their products.

Among the benefits of their global mobility solutions Mercer also offers a real time rent-check feature, so you know what your out of pocket will be for housing as well as assistance with personal tax reports and cost projections for various assignments.

Mercer provides clients with an abundance of information regarding compensation, from industry surveys and reports to their very own compensation catalog. Visit them online or give them a call to determine whether or not their products are the right fit for your business, no matter how big or small it is.  You won’t be disappointed.

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Marie is a writer for Recruiter.com covering career advice, recruitment topics, and HR issues. She has an educational background in languages and literature as well as corporate experience in Human Resources.