Transcription of Developing a Competitive Salary Structure
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Developing a CompetitiveSalary Structure2 | ERI economic Research Institute | Developing a Competitive Salary Structure | September 2016 Consider this example of a simplified Compensation Strategy within the Total Rewards Strategy:Compensation performance ManagementBenefits Work-Life EffectivenessRecognition Career DevelopmentTotal Rewards StrategyHuman ResourcesStrategyBusinessStrategyA Competitive Salary Structure should be based on a well-designed Compensation Strategy that is thoughtfully linked to an organization s Total Rewards Strategy, Human Resources Strategy, and Business Strategy. This will support the organization in executing its annual operating plan and the ability to attract, retain, motivate, and engage a Competitive Salary StructureSIMPLIFIED COMPENSATION STRATEGY - EXAMPLETop management approves global Total Rewards programs as managed by the Corporate Total Rewards team: Global market pricing Global Salary grades Salary Structure based on a July 1 lead-lag strategy Short- and long-term performance -based incentive plans Total cash compensation managed at the following market positions when the business meets 100% of its annual goals and objectiv
• Short- and long-term performance-based incentive plans • Total cash compensation managed at the following market positions when the business meets 100% of its annual goals and objectives: ... Developing a Competitive Salary Structure ERI Economic Research Institute ...
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