1. Comprehensive Analysis and Benchmarking:

• We began by conducting a thorough analysis of the firm’s current compensation and benefits structure. This included an internal review of salary bands, bonuses, and benefits, as well as an external benchmarking study comparing the firm’s offerings with those of key competitors in the technology sector across the MENA region.
• Our benchmarking revealed that while base salaries were competitive, the firm lagged behind in performance-based incentives and non-monetary benefits, such as professional development programs and flexible working arrangements.

2. Designing a Tailored Compensation Strategy:

• Performance-Linked Bonuses:
  We introduced a tiered bonus system directly tied to individual and team performance metrics. Employees meeting or exceeding targets were eligible for bonuses ranging from 10% to 25% of their annual salary, a considerable increase from the previous flat bonus structure.

   

• Equity and Long-Term Incentives:
  To foster long-term commitment, we recommended the implementation of a stock option plan for senior employees and high performers, aligning their interests with the long-term success of the company.

   

• Enhanced Benefits Package:
  We revamped the benefits package to include more flexible working arrangements, additional health and wellness benefits, and a stronger emphasis on professional development opportunities, including sponsored certifications and training programs.

3. Implementation and Communication:

• We collaborated with the HR and management teams to roll out the new compensation strategy. A critical part of this phase was ensuring clear and transparent communication with all employees. We conducted company-wide meetings, department-specific workshops, and individual sessions to explain the new compensation structure, the rationale behind the changes, and how it would benefit both the employees and the company.

   

4. Ongoing Monitoring and Refinement:

• Post-implementation, we established a monitoring framework to track key performance indicators (KPIs) such as employee turnover, engagement scores, and productivity levels. Regular feedback from employees was gathered through surveys and focus groups, allowing us to make data-driven adjustments to the compensation strategy as needed.