The St. Louis Economic Development Partnership (the “Partnership”) is issuing a Request for Proposals (the “RFP”) for a qualified and experienced firm to perform a compensation review of identified positions within the Partnership (the “Services”). See Full Proposal here.
Scope of Services
Pursuant to this RFP, the components of the Services shall include:
- Review market data for approximately 50 to 55 positions within the Partnership.
- Identify a cohort of peer companies using established compensation study methodologies, taking into account the structure of the Partnership as a quasi-public entity, the relative complexity of the potential peer companies’ programmatic offerings compared to those of the Partnership, comparative revenue, comparative size (population or geography) of the companies’ service area, and other relevant characteristics.
- Confirm with the client the peer group(s) identified for analysis.
- Perform a market analysis to compare specific incumbent-based pay for each position identified to the market.
- Analyze total compensation for the peer group(s) for each position identified, at a minimum establishing mean and median amounts for both total compensation and identify quintiles.
- Compare peer group total compensation for each position identified against the total compensation for Partnership positions.
- Make an independent recommendation to the Partnership concerning a total compensation target for each position identified based on the analysis performed.
- Include recommendations regarding the creation, update, or adjustment of a salary structure for each position identified.
- Analyze the cost of implementation of the recommendations identified above
- Develop a written report of the analysis performed, salary recommendations, and implementation costs and be available to present that report to the Partnership executive team and Board, as requested.
To be considered, proposals must be received no later than December 16, 2020, at 3:00 PM CST. Proposals received after the deadline identified above will not be considered.
Questions about this RFP may be sent by email to [email protected] Any answers to questions will be provided to all interested parties.
Electronic proposals should be sent by email to [email protected].
St. Louis Economic Development Partnership
Attn: Howl Bean II
7733 Forsyth Blvd., Suite 2200
St. Louis, Missouri 63105