IDS Case Study: Using Data to Develop a New Compensation Model

By Keiter CPAs

IDS Case Study: Using Data to Develop a New Compensation Model

Challenge and Opportunity

A construction company was seeking a new way to better supports it compensation and bonus structure.

 

Approach

  • Clear and consistent compensation/bonus structure in the construction industry are essential to retaining employees.
  • The company wanted to add transparency and accountability to the process by developing a model that tracked time and employee outputs that factored into the compensation process.
  • Using R and Microsoft Power BI, the team migrated all the company’s employee data into PowerBi so that everybody could gain value from it.
  • In addition to the cleaned data, the company was able to use outputs from statistical models create in R to address geographical disparities.

 

Results

The new program provided the company with clean data in which to make better informed decisions related to employee compensation and bonus structures.

 

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About the Author


Keiter CPAs

Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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