Compensation Management is an integral part of the management of the organization. Compensation Management contributes to the overall success of the organization in several ways. Effective compensation management programs recognize the value of competitive pay and incentives, include the measurement of the contribution made by your human resources, and most importantly have an investment view of payroll costs.
Scope And Deliverables
All too often we find that existing compensation and incentive systems are counterproductive to the desired goals of the organization. We’ll work with your Human Resources group to design systems that will accelerate the achievement of desired results.
Improve productivity through compensation management:
Creating the right compensation strategy for every job is key to motivating and rewarding top performance from employees. SatiStar’s Compensation Management guidance gives your managers the structure and tools they need to effectively evaluate, organize and implement an effective and rational compensation structure in their area of responsibility to improve organizational performance.
Our compensation management guidance saves you time and ensures strict compliance with corporate compensation guidelines. By clearly linking job performance and salary, compensation management can significantly increase employee performance and satisfaction. Compensation management helps seamlessly integrate a complete pay-for-performance solution, from goals management, performance appraisal and development, to rewards.
Features and Benefits of Leading Compensation Management Programs:
- Consideration for Team-based Compensation – We’ll guide you in developing compensation systems that relate to individual and team performance.
- Performance Focused – Helps creates a true pay-for-performance culture by providing a clear linkage between achievement and compensation – including performance-based recommendations for merit pay, bonuses, and stock.
- Simplified Management – Enables easy creation and management of compensation groups to ensure accurate mapping of compensation guidelines to different employee groups.
- Streamlines Performance Reviews – Works seamlessly with other HR issues including goal setting, performance Reviews and career development.
- Merit pay – Applies merit increases based on guideline calculations such as job level, pay grade, performance rating, comp-ratio, or range penetration.
- Promotion pay – Allows managers to plan and recommend pay adjustments for promotions, job changes and more.
- Lump sum adjustments – Lets the manager move an employee to another pay band using a lump sum adjustment to salary.
- Incentive Bonuses – Links individual, group, and company objective achievements directly to bonus payout.
- Stock & Stock Option Awards – Provides stock or stock option awards according to any criteria including broadband job level, overall performance ratings and more.
- Comprehensive Solutions – Including the support for multiple currencies and global deployment.
We’ll ensure that your leadership team understands the various components of employee compensation systems and their role in attracting and retaining good employees. We’ll also guide you on how to develop and evaluate employee compensation systems that serve the needs of the workforce and the organization, including understanding key elements pertaining to job analysis and the relationship to employee compensation systems and organizational structure.
Finally, we’ll help you in identifying unique ways to establish incentives and bonus programs that maintain internal equity and are in compliance with legal requirements.
What We Will Do
- Develop a thorough understanding of your business issues.
- Ensure clarity of organizational objectives.
- Assess your existing compensation management programs and determine if they are consistent with your organizational objectives and the needs of your business.
- Conduct a compensation management gap analysis.
- Provide clear recommendations to address the gaps.
- Provide guidance on how to implement the new compensation management programs.
- Assist in creating an overall measurement and tracking mechanism that enables your leadership team to know the return on the compensation financial investment.
What We Need You To Do
- Provide us with access to key relevant employees and managers.
- Authorize these resources to provide us with the required information (including employee compensation files).
- If desired, assign an internal compensation design team to the project.
- Ensure availability of the team for working on the project in a timely manner.
- Ensure management availability to review and approve the team’s recommendations in a timely manner.
- Provide appropriate working space for the team’s activities.
- Implement approved recommendations in a timely manner.
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