What percentile level do you want your aggregate pay package to be at in relation to your competition (and who is your competition)? Where are you at now and how long will it take you to get to your desired level?
Do you want to target your base and incentive pay at the same percentile levels or do you want a mix with bases lower and incentives higher to achieve the aggregate target percentile?
How leveraged do you want your incentive plans. Do you want to match the competition? Do you want to pay lesser rewards than the competition for average results but substantially higher rewards than the competition for superior results?
Do you want your target percentiles to also apply to your Benefit packages? Or, do you want a higher percentile going into Compensation and less into Benefits to achieve your overall target percentile.
Do you want to target all employee groups the same or do you want a lower percentile for non-exempt and a higher for exempt or something different for your executive levels??
help with these and more questions that should be asked and answered, contact
us at Worldwide Consulting LLC.
Chances are very good that your company spends a considerable amount of time each year creating, updating and reviewing progress against a short and long term Strategic Business Plan.
In Human Resources, you are usually required to do your part but that tends to center on Employment and Labor Relations with a hint of Organizational Development. Should your labor force contract or expand and in what areas? Is there a need to re-organize or consolidate groups? Is there a shortage of particular groups of needed workers?
you want to gain market share and grow as a company, there is just as much
of a need, if not more, to have a Compensation Strategic Plan in place. If
your compensation plans are not competitive, if they do not attract better
employees and let the lesser ones go to competitors and if they do not motivate,
your company will drift to the bottom of your industry group. A good
part of your company’s success rests in your hands.