Compensation in all forms is a critical component of attracting and retaining talent at all levels. Critical components of total compensation include (in order of average cost):

• Direct Pay (base pay, incentives, etc.)
• Medical and Dental Benefits
• Paid Time Off
• Statutory Benefits
• Retirement Plan Benefits
• Ancillary Benefits (life, disability, vision, etc.)

Cowden Associates, Inc. (Cowden) believes development of a sound total compensation program includes:

• Framing the program within the strategic plan of the organization
• Benchmarking all components of compensation, i.e. targeted competitors and industry norms as well as regional and international norms

- Pay and benefit offerings

- Cost

- Special needs assessment

• Identify critical groups of employees
• Determine employee priorities
• Address budgetary issues
• Current situation
• Targeted budget levels
• Design to maximize perceived value, within budgetary realities.

Once the above are addressed, the total compensation program can be assessed and alternative designs can be presented for consideration.

A quality Total Compensation Review requires consideration of direct pay and employee benefits including retirement and health/life related benefits. We work together as a team to ensure seamless project management, design and financial outcomes.

Our Proven Approach

We believe any in-depth employee benefit review includes the following components:

• A solid understanding of current compensation programs including:
  • Strategies
  • Recent History of Compensation Adjustment
  • Special Needs or Philosophies Applicable to:
    • General Employees
    • Special Programs or Groups of Employees
    • Executives
• Employee Benefits
  • Retirement
    • Defined Benefit
    • Defined Contribution
  • Medical and Related Benefits
  • Life/Disability
  • Paid Time Off

We offer the following for consideration:

• In-depth technical abilities
• Experience in most major industries
• Retirement specialists including Cowden’s credentialed actuaries
• Medical plan underwriters and related specialists
• Seasoned compensation professionals
• A commitment to completing assignments in a highly successful, efficient, timely and exemplary fashion

Total Compensation includes the employee's total compensation value as the sum of base pay, incentive compensation and the organization's annual cost for providing benefits. In addition, the annual value of time off (holidays, vacation time and personal time) must be considered.