Base Salary Compensation:
Creating the Focus on Performance and Critical Competencies
A well-designed system for delivering competitive base salaries to your employees is the foundation of an effective total system of rewards. While some organizations see base pay programs as infrastructure or just a necessary cost of doing business, other companies understand how important these programs are to communicating values and remaining competitive in a complex marketplace for talent.
A focused, streamlined base pay plan can greatly enhance both the organization's operational effectiveness and its ability to attract and retain talent. Sound base pay programs and practices can provide a strong foundation for building a variety of other reward programs, including variable pay, recognition and performance management.
Determining the Right Approach for Your Organization:
There are many approaches to salary programs — market pricing systems, job or career structured oriented, and competency based systems, and there are combinations of these approaches. Because salaries often represent a significant expense, we want to make sure your program communicates the right messages and is aligned with the other key people management initiatives you have or are developing in your organization. This ensures your salary dollars are invested in a manner that supports your business objectives and desired culture.
Wilson Group consultants integrate the unique characteristic of your company - its business model, culture, values, core competencies and goals — into the design process and the pay programs. We help you identify your competitive market, desired position, and the best sources for market information, being objective in our recommendations. Our market information is understandable and thorough, to a level detail that provides you with the survey match information and data by job. We also prepare you for and consider processes to maintaining this data after the project is completed. Further, we can develop structures that link your salary program with job profiles, competency and career development programs, and the values you want to promote in an organization. And when we work collaboratively with managers and key individuals, the tools and technology we use become transferred to the organization. This enhances the effectiveness of decisions and builds the capabilities for you to modify the program over time, while strengthening the organization’s ability to grow and develop.
What the Wilson Group offers:
Our client projects usually include the following steps:
- Assess the current base pay systems and practices in terms of your objectives, structure and total rewards philosophy.
- Define the “right” salary market and assess your current competitive position.
- Develop a set of levels that reflects what you value, and a job structure and career paths that support the organization’s growth today and well into the future.
- Create salary ranges that enable you to compete effectively in the market.
- Define a customized set of salary management policies that are consistent with legal and organizational requirements.
- Develop a communication plan for the program to builds knowledge and confidence.
- Assist you in selecting the technology needed to administer the programs over time.
The Wilson Group's skilled, flexible and collaborative style will yield a salary program that reflects your success factors and enhances your ability to compete for talent while rewarding the performance and development priorities of your organization.
Contact us at 978-371-0476 or at info@wilsongroup.com.
|
