Compensation & Benefit Architecture
So what should employers be doing to make sure their reward offering is fit for purpose?
- In today’s environment, employers must ensure their reward proposition is attractive and built on a foundation of flexibility, strong career prospects and a deep understanding of current and prospective employees intrinsic and extrinsic needs.
- Seek employee input on the design of their reward programme and, where possible, align it with their needs, an offering tailored to your workforce is more likely to attract and retain top talent.
- Consider adopting a hybrid/flexible working arrangement that is sought after by many in the post-COVID-19 world.
- Establish a robust pay equity management framework and remedy any issues that exist.
- Take inflation into account when setting annual salary budgets.
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HELPING YOU HELP OTHERS
Some examples of the ways in which we can help clients
- Salary benchmarking.
- Streamlining and standardising jobs and designations.
- Introducing job families.
- Developing equality-proofed job grading structures.
- Creating job evaluation frameworks linked to current salary scales, including process guides, templates and training.
- Implementing frameworks which link a company’s business plan and Key Performance Indicators (KPIs) to the departmental, team and individual objectives.
- Objectively reviewing existing job evaluation frameworks.
- Creating templates and guides to support the creation of future job descriptions.
- Updating policies, procedures and job descriptions to better reflect both an organisation’s culture and new structure following a merger or acquisition.
