At PerformancePoint, we view “pay” as a major part of your Total Reward System. It’s one of six strategy areas where HR management can actually drive change and performance excellence.
Here are two reasons why.
1. The cost of a company’s Total Reward System typically represents a big percentage of its operating budget. How that investment is managed impacts the company’s overall financial success.
2. Employees who perceive equity between their contributions and their rewards are more engaged and are greater contributors.
A total reward system should:
Organizations routinely view equitable employee pay solely from a market analysis standpoint. The truth is, our intent is to help you to contemplate a more strategic point of view. Our goal is that you are able to develop a compensation philosophy. Why are you structuring the compensation the way you are? It should support the vision and the mission of the company. How you view compensation for individual roles should be directly tied to the mission and vision of the company. We can easily assist you with all of the common compensation related tasks. However, we’ve got to start with a competent strategy if we’re going to make a noticeable and tangible difference in your business. Ask yourself these questions:
So what is it you’re trying to accomplish?
Does your compensation plan align with your goals?
How do we better structure compensation to make that happen?
After completion of a sound strategy, we can really make the market analysis more beneficial. We will work with you on a plethora of compensation related projects that are not solely focused on employees, but also inclusive of the executive team. How do we make sure that your executives are getting paid appropriately? Are you paying them in a way that drives the success of the business and allows you to keep key executives so that you don’t lose them until you’re ready to make a change?
We have compensation solutions that can help your organization:
Motivate your employees to do their best every day.
Be cost effective, providing your company a good “return on compensation”.
Bring focus to operational goals and objectives.
Reflect the culture of your organization through compensation
Strengthen Base Pay and Salary Administration
Administer compensation surveys
Conduct market studies
Institute performance management systems