Developing Competitive Pay Structures
Implementing an effective base compensation structure is an essential component of your total compensation strategy. A carefully strategized pay structure can help you attract the talent you need to propel your business, provide a cost effective guide for establishing base compensation boundaries, and facilitate internal pay equity among employees. Base compensation ranges are basic to your business.
PORTICO can help you:
- Identify a base compensation strategy that will support your overall total compensation strategy
- Explore various base compensation models including their advantages and disadvantages; select the most appropriate model to suit your job/work design, flexibility/control needs, affordability and pay strategy
- Design alternative base compensation systems applicable to cross-trained work systems
- Market price jobs or competencies
- Design base compensation structures that are validated to job and/or geographic market or integrated with an internal job evaluation system
- Develop and cost salary increase guidelines
- Develop an implementation approach and employee communications that portray your pay strategy and program features
- Facilitate or train your Human Resource staff to design and/or implement the system
Whether your need is for a traditional base compensation structure, a competency based pay structure, broad banding, a step progression system or anything in between, PORTICO has expertise in designing a base compensation solution that aligns with your strategy and budget.
