Measuring your market position is a critical step in building your salary scale. Once your target comparators have been narrowed down and the target percentile has been identified, analyzing your salaries against your chosen external market to arrive at recommendations that will frame your overall pay structure is when strategies...
Analyzing your benefits package is crucial to ensure your policy aligns with your market's local conditions. Determining which benefits your company provides, the frequency it is provided, and grade levels eligible to receive them can be used a strategy to attract and retain talent, showcase company culture, and be seen...
For an organization to work efficiently and achieve team cohesion, a well-balanced salary scale is crucial as it drives all other critical HR programs — everything from recruitment, staff retention, promotion, and ultimately career development.
After establishing your compensation policy, creating your job structure, and participating in your chosen salary survey, determining your composition and position in salary surveys is the next crucial step towards building your salary scale.
An organization’s job structure provides the framework to which organizations can apply policies on compensation management, as well as design strategies around learning and development, specifically on career opportunities and promotion, all aligning to the company’s overall business objectives.
It is important for organizations to have well-articulated pay policies in place that will not only guide how they develop their salary structure and manage compensation, but also provide the framework for forming strategies around recruitment and retention of their staff, proving this to be a valuable HR tool.
Pay management can be straightforward and explicitly tied to skills growth! Eliminate the guesswork that comes with traditional "merit" increases and keep staff motivated and empowered
Using an approach that measures achievement by linking it back to the job evaluation factors, this provides organizations a performance management system that is standardized, simplified, and can easily align with objectives across different grade levels and teams.
The salary scale is the single most important document in human resources. It tells you everything you need to know about an organization. Designing a salary scale requires skill and expertise, balancing the internal considerations and team dynamics with the external market. It’s an art form, not just math.