TfL 96066 Remuneration Benchmarking Services

Tender description

TfL requires a consultancy to provide support with the annual executive remuneration benchmarking exercise covering TfL’s Executive Committee and Director Population (c 60). There will also be a requirement to support with ad-hoc requests for data (across levels not restricted to Executive and Director Level or equivalent), market research and market insight throughout the Agreement. As a major provider of remuneration benchmarking the Consultant will own a number of multi-industry proprietary surveys including, but not limited to, Executive and Director Level roles from which the Consultant are able to draw robust market data from an agreed peer group of organisations. Please note this is a pre-requisite for selection and must be in place in time for Service Commencement. Lot 1: The Consultant will primarily be required to advise on an appropriate executive benchmarking methodology for the Executive Committee and Director population and also provide general benchmarking support for roles below Executive and Director level as outlined in section 3.2 below. At the start of the contract, working with the Reward team and with Remuneration Committee input, the Consultant will undertake preliminary work prior to completing any detailed benchmarking of individual roles as follows: Recommend suitable “peer groups” of organisations that are relevant to the diverse nature, size and complexity of TfL to be used to underpin all Executive and Director level benchmarking going forward. We currently operate with 2 separate peer groups formed from i) Publicly Accountable organisations only; ii) General Industry therefore including predominantly private sector comparators excluding Financial Services. Additional information: The Consultant will be required to make recommendations to the Remuneration Committee which may require attendance at Remuneration Committee meetings or the provision of papers for discussion in committee. The output of the annual executive benchmarking exercise will be two separate reports covering the Executive Committee and Director populations. The reports will include market comparisons against base pay, total cash, long term incentives (LTI’s’), pension and benefits (total remuneration). Market information will be drawn from the Consultant’s proprietary executive surveys and research from publicly available information.