The key to staff retention is ensuring equitable and competitive compensation programs. This helps keep key personnel engaged, ensures compliance with pay equity requirements, and lets you incentivize staff according to performance. Compensation is a key investment in achieving corporate performance goals.
HR-on-Demand has extensive experience and specialized expertise in a wide range of compensation issues: from conducting competitive research, to establishing non-monetary reward programs.
Check out the sections below to see how HR-on-Demand can help you retain key performers, and improve productivity to achieve your strategic goals.
HR-on-Demand can provide focus in determining the strategic positioning of compensation within your organization, and ensuring that related programs support the strategic position. Any or all of the following components may be included:
Compensation Policy and Philosophy
- Establishing the corporate compensation philosophy
- Writing policy and procedures related to the compensation philosophy
Market Surveys & Analysis
- Specific, targeted surveys to establish competitor salaries
- Reviewing and analyzing market salaries to establish appropriate positioning
Job Evaluation Program
- Creating/updating a job evaluation manual
- Training and facilitating job evaluation committees
- Creating a job hierarchy
Salary/Job Range Structures
- Determining job grades
- Establishing pay policy
- Creating salary ranges – minimums, mid-points and maximums
- Populating the ranges
- Variable Pay Plans