Compensation

Recent market challenges have led companies to reassess and reconsider their approach to pay strategies. A well-designed pay system reinforces and aligns to your business strategy, positioning your organization for success moving forward. The intensity and degree of competition for labor as well as the competitive positioning of your organization's products and/or services necessitates an increased emphasis on the effective design of your compensation system which impacts strategic recruitment, retention, and the job performance of your employees.   

An analysis of your existing compensation practices will be a starting point. Determining your compensation philosophy and how to align this philosophy with your business strategy and goals will guide the type of compensation design such as a pure market approach, a blended approach or perhaps a broad banding approach to enhance or totally update your current compensation system.

AllHRMatters will assist you in defining your compensation philosophy, assessing your pay structures and develop targeted pay ranges using valid survey sources. This will ensure a consistent, equitable and market or competency-based compensation structure. With a solid compensation system in place, your organization will be positioned to strengthen an existing performance management system or pay-for-performance program intended to improve the overall existing reward structure and influence increased performance of your organization.