Base pay structure
Base Pay Structure
While short and long-term incentive plans are garnering more and more attention in this modern era of pay-for-performance, it is critical to establish & maintain market competitive hourly rates and salaries. Employees also need to understand why they are paid what they are paid, as well as how they might earn more money in the future. It is, therefore, important to have a base compensation program that is externally competitive, internally equitable and simple to administer. It is also important to take the time and effort necessary to explain how the base compensation program works. This is especially important as organizations hire younger employees who tend to be less trusting and more willing to ask questions about their own compensation.
Our Team Can Help When…
- You are having a difficult time attracting and retaining quality talent
- You are unsure if your company is paying competitively
- Lines of progression/ career paths have not yet been clarified within your organization
- Your managers are having difficulty explaining the spirit and workings of your compensation programs to your employees
What Our Clients Have to Say
Created a simple & defensible base compensation program: trust/ buy-in from organization improved dramatically; turnover dropped significantly.