Schwab Introduces Human Capital Management Solution

Schwab Institutional has introduced a new offering to help advisers manage their human capital needs, including finding new talent, retaining and rewarding existing employees, structuring their organizations more strategically and efficiently, and developing sound succession plans.
The new offering is available only to Schwab Institutional clients and includes four services: a Human Capital Solutions Web site with more than 50 tools and resources an online Career Opportunity Service to help advisers find new employees; an online Compensation Benchmark Tool to help advisers make more informed decisions about compensation; and two new compensation white papers.
Specific elements of the offering, according to a press release, include:
  • Resources to help align organizational structure to firm strategy,
  • Tools to plan for capacity and future staffing needs,
  • Guidance on strategic and systematic recruiting and hiring,
  • Compensation planning for recruiting and retention,
  • Resources for developing retention programs including performance management and employee development, and
  • Strategies for succession planning to transfer firm ownership.
Through the new offer, which is available at no additional cost, advisers will also have access to:
  • Personalized Support: Experienced business consultants and account managers offering one-on-one support to help advisors identify and solve key human capital issues, specific to the size, development stage, and resources of each firm;
  • Knowledge-Sharing Events: Workshops, conferences, and roundtables throughout the year providing opportunities for hands-on learning and the sharing of ideas with peers and experts; and
  • Comprehensive Resources: Web sites and publications providing immediate access to educational content, tactical templates, in-depth reports, and a proprietary Compensation Benchmark Tool.
Schwab Institutional’s new Compensation Benchmark Tool is an online database that provides adviser firm principals with compensation-related information for more than 20 different advisory firm job descriptions based on RIA-specific salary survey data, the announcement said. Site users have the ability to screen compensation information across a variety of search fields, including job title, employee experience, firm type, firms size, and geographic location.
The Human Capital Solutions Web site is a resource for advisers seeking proven best practices in implementing an effective organizational model and building teams that match the firm’s core objectives and values. The site contains tools and templates, such as sample organizational charts, capacity planning worksheets, recruiting tips and tactics, sample job descriptions, interview checklists, and sample career paths. It also provides advisers with a link to the Schwab Institutional Career Opportunity Service, an online employment database dedicated solely to serving the independent investment advisory industry, where advisers can recruit experienced, qualified professionals.
Schwab Institutional’s two new white papers address best practices in compensation and incentive compensation. The first report, “Creating An Effective Compensation Plan,’ identifies key elements in a successful plan for compensating employees and discusses the evolution of how advisory firms use the plans to maximize productivity and performance.
The second report, “Developing & Implementing An Incentive Compensation Plan,’ shares strategies for designing incentive plans that motivate and reward employees, including determining what kind of plan is right for different kinds of firms, identifying specific plan structures for different roles within a firm, and implementing and managing a plan.
More about Schwab Institutional is at