Your pay structure doesn’t fully reflect organisational values and performance measures, and you think this could affect staff retention.
So you want clarity that you’ve got the right pay arrangements in place, driven by business strategy and values. You also want to show employees clear links between business strategy, performance metrics and reward.
Developing pay structures for the external labour market
Understanding the behaviours
Understanding the behaviours and performance metrics you want to drive, based on business strategy and values
Agreeing pay elements
Agreeing pay elements required (such as base salary, bonuses/commission and long-term incentives such as LTIps or share schemes)
Assessing market practice
Assessing market practice to clarify your policy and gauge typical reward levels for achieving and exceeding goals
Modelling actual pay practice
Modelling actual pay practice against your policy position, to test where you are and what actions are needed; this also involves exploring possible underlying issues, such as possible bias in payment practice.
How can Paydata help you develop appropriate pay arrangements?
We offer a range of services to help you review your approach and develop appropriate pay arrangements and reward packages. Examples of relevant services include:
Reward strategy design to support your desired behaviours and performance metrics
Pay benchmarking to see what works elsewhere and agree appropriate levels for reward setting
Bonus and Scheme design
Bonus and incentive scheme design that aligns employee behaviours and results
Pay modelling so that you know where you sit in the market and can create appropriate salary ranges and benefit practices
Match your jobs to our data sources, third party sources and different methodologies
Job evaluation software that benchmarks like-for-like jobs and gets your internal pay management on a solid footing
Equal pay audits to identify possible pay discrimination problems and build positive employee relations
Would you like to know more about how your employees pay compares to the external labour market? Get in touch
Pay and Reward Expert
Tim is a passionate HR specialist with over 20 years’ experience in pay and reward. As a director of Paydata, Tim has worked with thousands of satis...