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How do I ensure I have the most appropriate pay structure?
Your pay structure doesn’t fully reflect organisational values and performance measures, and you think this could affect staff retention.
So you want clarity that you’ve got the right pay arrangements in place, driven by business strategy and values. You also want to show employees clear links between business strategy, performance metrics and reward.
Developing pay structures
Developing pay structures involves four key step:
- Understanding the behaviours and performance metrics you want to drive, based on business strategy and values;
- Agreeing pay elements required (such as base salary, bonuses/commission and long-term incentives such as LTIps or share schemes);
- Assessing market practice to clarify your policy and gauge typical reward levels for achieving and exceeding goals; and
- Modelling actual pay practice against your policy position, to test where you are and what actions are needed; this also involves exploring possible underlying issues, such as possible bias in payment practice.
How can Paydata help you develop appropriate pay arrangements?
We offer a range of services to help you review your approach and develop appropriate pay arrangements and reward packages. Examples of relevant services include:
- Reward strategy design to support your desired behaviours and performance metrics;
- Pay benchmarking to see what works elsewhere and agree appropriate levels for reward setting;
- Bonus and incentive scheme design that aligns employee behaviours and results;
- Pay modelling so that you know where you sit in the market and can create appropriate salary ranges and benefit practices;
- Pay review software to help you get the best return on your budget and save time and money managing reviews;
- Equal pay audits to identify possible pay discrimination problems and build positive employee relations; and
- Job evaluation software that benchmarks like-for-like jobs and gets your internal pay management on a solid footing.