Merger of Two Private Companies

Two privately-held Canadian financial services companies merged, requiring the harmonization of their total rewards programs to fully realize the transaction's synergies.

Financial

Industry

2M+

Customers

200+

Locations

KEY CHALLENGES

Misaligned Total Rewards

Disparities between the predecessor companies' total rewards philosophies and programs, including differing salary structures, STI and LTI eligibility and targets by level, retirement plans, and benefits.

Market Competitiveness

Some of the offerings were not aligned with current market standards, making them less competitive.

Communication & Transparency

The two companies varied in their communication and transparency regarding compensation, leading to employee anxiety and perceptions of unfairness.

APPROACH

Partnered with management to develop the go-forward total rewards strategy.

Conducted a comprehensive comparison of both total reward packages to identify gaps and opportunities, taking a holistic approach across the entire rewards offering.

Analyzed the cost and people impact of proposed harmonization alternatives and assessed their competitiveness against market.

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Supported the integration process to ensure alignment and secure buy-in from key decision-makers.

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Assisted management in crafting key messages and communication plan to support retention, engagement, and transparency.

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OUTCOME

Strategic short- and long-term actions rooted in key principles: ensuring market competitiveness and cost effectiveness, fostering a holistic and balanced approach, promoting simplicity and consistency, and enhancing employee engagement, and driving future resilience.

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KEY OFFERINGS

M&A Support, Pay Philosophy & Strategy, Market Compensation Benchmarking