Request for Proposal Compensation Study - Innovation Works Inc.

Potential RFP Bidders

Request for Proposal (RFP) – Benchmark Compensation Study for Non-Management Staff

Innovation Works, Inc. (“IW”) is seeking proposals from qualified firms to conduct a benchmark compensation study and make recommendations to update our compensation structure under the study.    3C, Compensation Consulting Consortium has been our compensation firm for IW for the past 10 years, and while we are satisfied with the service provided, we have decided to review other firms and decide which compensation firm will service our compensation needs over the next five-year period.

Innovation Works is a 501(c)(3) organization and has a wholly-owned subsidiary, IW Management Company, LLC (the “Management Company”).  The Management Company is the managing member of a venture capital fund, Riverfront Ventures, LLC (the “Fund”), and maintains control over the Fund.  Innovation Works’ mission is to increase the success rate of the region’s technology and technology-adopting companies through direct investment, business assistance, and infrastructure development.  Underlying IW’s mission innovation is a key engine of growth for the Southwestern Pennsylvania region.  Activities undertaken by IW in pursuit of this mission have resulted in significant community development benefits, including the creation of jobs, attraction of investment, and increased competitive advantage for companies located in distressed communities.

Innovation Works serves the Southwestern Pennsylvania entrepreneurial and technological communities each year with funding from grants, contracts, and returns from investments.  We receive state funding from the Commonwealth of Pennsylvania through the Department of Community and Economic Development as well as federal funding from agencies including the Economic Development Administration, Small Business Administration, and the Department of Defense.  We have approximately 26 non-management employees located in two locations.  Our annual revenue has ranged between $10,200,000 and $12,100,000 over the past three years.

The study shall cover all the job classifications within the IW Team (approximately 9 classifications) except for the management staff whose salaries were reviewed recently.  The purpose of the project is to review IW’s existing compensation plan as well as to conduct a comprehensive benchmark market study to ensure that all management positions within IW are internally equitable and externally competitive.  The product of the study, as detailed in the Scope of Services, will include recommendations for the following:  a wage comparison with comparable non-profit and public sector entities, and a compensation plan based on that wage comparison.

The RFP contains further information regarding the Project and proposal requirements.

If your firm is interested in submitting a proposal, the following requirements should be observed:

1. Proposals shall be submitted electronically to Kelley Benson at the following email address:  [email protected].  The subject line should be identified as follows:  “Proposal for Benchmark Compensation Study”.  Proposals must be received no later than January 15, 2023, at 5:00 p.m. Proposals received after the aforementioned date and time will not be considered.
2. IW reserves the right to reject proposals received after the time and date set forth above.  All proposals shall remain open for thirty (30) days after the RFP due date.  Proposals will be opened at IW's convenience on or after the RFP due date.
3. All questions regarding this RFP must be submitted in writing to Kelley Benson by email ([email protected] no later than 5:00 p.m. January 31, 2024.

If you have any questions please reach out to Kelley Benson directly.