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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

1

Understanding the behaviours

Understanding the behaviours and performance metrics you want to drive, based on business strategy and values

2

Agreeing pay elements

Agreeing pay elements required (such as base salary, bonuses/commission and long-term incentives such as LTIps or share schemes)

3

Assessing market practice

Assessing market practice to clarify your policy and gauge typical reward levels for achieving and exceeding goals

4

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

Reward strategy design to support your desired behaviours and performance metrics

Pay Benchmarking

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

Pay modelling so that you know where you sit in the market and can create appropriate salary ranges and benefit practices

Job Matching

Match your jobs to our data sources, third party sources and different methodologies

Job Evaluation

Job evaluation software that benchmarks like-for-like jobs and gets your internal pay management on a solid footing

Equal Pay

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

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