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What We Do » Reward Management » Pay Structures and Salary Management

Pay Structures and Salary Management

Pay Structure and Salary Management

Evidence from many companies shows that the right level of pay helps in the recruitment process, but there is little benefit in paying more than the market rate. Employees will stay with you if you pay above the market rate, but they won’t work harder(1). It therefore makes sense to make sure your pay arrangements are appropriate for your market place. The way you manage pay, for example, as part of the annual review, will be an important part of making sure that your reward arrangements have the right impact. Timely, well controlled, reviews based on good information, will show your employees they are valued, as well as helping you control pay costs and the costs of administration.

Our experience in pay and salary management includes:

  • Critical analysis of existing pay practice
  • Constructing pay and bonus arrangements aligned with market
  • Market testing individual pay for roles at all levels
  • Collecting and submitting data for market surveys
  • Coaching and training of HR generalists and business managers in effective pay management
  • Budget planning and control of annual salary review process
  • Exception management

(1) Source – Corporate Leadership Council 2004 Driving Employee Performance and Retention Through Engagement

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