Development of compensation systems and salary consulting
An integrated compensation (remuneration) system that is based on the company’s objectives creates a unified and fair basis for compensation and motivating employees and for the efficient management of labour costs.
Every start-up business needs to create a compensation system. An operating company faces the need to develop a compensation strategy and policies that support implementing changes, designing a new organisational culture, improving work effort, and allowing for the hiring and retaining of talents.
Salary consultation results in determining an optimum pay package that supports the company’s objectives and includes the basic salary, performance-based fees, and benefits. This solution must fit the organisational structure, consider the specifics of the business culture, and link the compensation principles, fees, and business objectives into one set.
A functioning compensation system maximises the return of the investment made in human capital.
The development of the compensation system includes the following components:
- Audit of the existing compensation system.
- Compliance of organisational objectives with compensation principles.
- Assessment of job positions.
- Salary analysis.
- Salary structures.
- Development of performance-based pay schemes.
- Preparation of an incentive package.
- Formulation of principles of administration and communication of the compensation system.
- Linking the compensation system with management by result and talent management principles.
Contact our senior consultant:
Irja Rae - 6277 064
