Title
Total Rewards Study Update (B)
Summary
This item is for the General Policy Committee to receive an update from Korn Ferry and Human Resources on the Total Rewards Study.
Explanation
In March 2018, the City engaged in a contract with Korn Ferry to conduct a review of the City's core total rewards program to ensure they were aligned with its mission and competitive against the appropriate peer group. The City's organizational structure and total rewards approach were reviewed and benchmarked relative to the market, including with peer organizations, similar industry organizations, the Florida market, and in the U.S. national market in both the public and private sectors. An extensive analysis was conducted to determine whether the City's compensation and benefits practice is aligned with the markets from which it needs to recruit talent, and if it is adequate to attract, motivate and retain the right staff, in accordance with the City's mission, compensation and benefits strategy, and in the most cost-effective manner.
Fiscal Note
Funds in the amount of $200,000 are available in the Total Rewards Study budget. Any additional funds that are requested as a result of the Total Rewards Study are contingent upon the recommendations made by the General Policy Committee.
Recommendation
The General Policy Committee: (1) receive an update on the Total Rewards Study; and (2) make recommendations as deemed necessary.