Coats has appointed consultancy Mercer to provide an online hosted compensation management tool and supply annual market data to support ongoing process and analysis work.
The system will enable the sewing thread and needlecraft supplies firm to manage its market data more effectively, applying it to its top 500 employees in more than 70 countries globally. The tool will bring efficiencies to its compensation management processes, including benchmarking and market position analysis together with pay structure, salary review and budget modelling.
Adam Phillpot, head of reward at Coats, said: ”Mercer’s solution enables us to make more effective decisions regarding compensation management at Coats, and we can implement these without the need for hiring and training additional resources – by having market data online for our key staff globally and being able to model pay scales swiftly.”
Graeme Conely, senior associate at Mercer, added: ”Coats was looking for a cost-effective solution to streamline its compensation management processes. These are resource and time intensive activities, and Coats has only a small team of compensation professionals to manage this workload. The tool will remove some of the pain experienced in carrying out this process and give it the opportunity to do more in the same amount of time, which could be more in-depth analysis or the ability to carry out other strategic activities in the same timeframe.”
For more articles on pay and bonuses