Leading projects requires a focus on the details, communicating effectively with stakeholders, and having clearly defined outcomes and roles.

When selecting a consultant to help you with your compensation project you are going to consider cost, quality, and your timeline.

· If you emphasize low cost, be ready for low quality within your timeline.

· If you emphasize high quality, be ready for a longer timeline and higher cost.

· If you emphasize a short timeline, be ready for high cost and lower quality.

Of course, these are generalities. But you understand my point that there are tradeoffs.

If you are emphasizing that your compensation consultant must have previous experience in your niche industry as a threshold to working with them, consider the following:

Does the consulting firm you choose have to have first-hand knowledge of what your competitors are paying their employees?
Is the consulting firm unable to provide you with the deliverables you need without this industry knowledge?
How many jobs does your employer have that are industry specific versus jobs that are found across many industries (HR, Finance, IT, Accounting, Legal, Risk Management, etc.)?
Of the jobs that are industry specific, did you fill those jobs with candidates who had experience at your competitors?
Or is there recognition that candidates can succeed in industry specific jobs with training and support if they have the needed transferrable skills and relevant experience?

Be careful to ensure that your list of criteria for a project partner is focused on needs and that your wants aren’t eliminating great partners who can deliver quality within your budget and timeline.

#projectmanagement #compensation #rewards #hr #humanresources #tradeoffs