Compensation & Benefits Survey
Compensation and benefit Review & Restructuring: Pay structures (also know as salary structures or compensation structures) help companies offer equitable, competitive salaries and map out employees' path to growth and higher pay. They enable companies to attract and retain talented people to remain competitive.
Purpose: The primary purpose of the Review is to develop an appropriate structure for respective institute keeping in mind:
- Do we need to pay at a higher-than-market level so to retain your current employees?
- Do we want to pay at a higher-than-market level to attract more quality candidates?
- Do we need to pay lower-than-market level because that’s all our company can afford?
Considering outcome of the above question & answer we would proceed further to:
- Streamline job grades and pay structure as per business demands and market standard
- Establish an effective linkage between ‘Performance’ and ‘Pay’
- Develop a comprehensive pay policy to attract, reward and retain Talents
Ultimate goal: Ultimate goal of the salary restructuring process would be:
Establish value for each position
Company’s competitive posture
Define compensable leverage
Look at external inequalities
Develop a salary structure in accordance with performance
Get current employees up to par
Scope of work: The Scope of work (Work Plan) is as follows:
- Review and understand existing standards, practices concerning jobs and payroll of some key positions and businesses, identify leading and lagging areas of similar industries
- Presenting the synopsis of current practices to Management/Board of Directors (BoD), communicate expectations, clarify methodologies, tools, techniques to derive results
- Analyze data, information, trend of MGI Payroll system using relevant tools & techniques
- Explore market data & insights, trend, future prospect relevant to Employment & Benefits
- Prepare plan proposing 3 options with pros & cons, present to BoD with justifications
Deliverables: Considering the versatility of work we need to re-design the whole or part of the jobs:
- We would Considering 10-15% sample size of total permanent as management staff.
- Where 10% would come under high deviation and needs to have personal interaction for competency analysis .
- Assuming 30+ nos. of designation needs to stream line
- 30+ jobs grades would to be redefined
- 100 Job Description would be analyzed
Work Process: In the event of delivering key assignment of salary restructuring any organization we need to go through following few processes. Where high deviation will be observed we would require intervene for individual competency mapping.
- Develop Competency Frame work
- Grading of Worker designation:
- Redefining Organogram
- Job Assessment
- Pay policy Development
- Performance appisal policy
- Pay re-structure
- Competency Mapping
- Receiving feed back and Reporting
- Training respective personnel