Transcription of Developing a Competitive Salary Structure - ERI Economic …
{{id}} {{{paragraph}}}
Example: dental hygienist
Developing a Competitive Salary Structure - ERI Economic …
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 incentiv
5) Summarize external market further and rank (low to high) the results for base salary and/or total cash compensation (TCC). Group data by desired salary grades and internal job titles. 6) Develop proposed salary structure using one of the following approaches: - Manual Excel approach - Excel RATE formula - Straight-line regression formula
Loading..
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: