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Organizing Pay Practices in the New Year?

January 22, 2018  |   Compensation,Uncategorized   |     |   Comments Off on Organizing Pay Practices in the New Year?

BCR.jpgWe have heard from some of our clients that have grown and changed significantly in recent times that although their business needs have changed, internal HR processes have not always kept pace. This mode of operation can often lead to disorganization and inefficiency, which typically results in inequity and low morale.

Implementing a compensation structure can assist in providing an organization with the ability to administer its pay philosophy in a fair, consistent and equitable way.

Why Establish a Compensation Structure?

Streamline the Process: Make it less cumbersome and free managers up to focus on growing the business and making it more productive.

Standardize the Process: Create clear and consistent guidance for all compensation decisions.

Create a High-Performing Work Environment: Tightly align decisions on compensation to the achievement of critical business and individual goals by linking performance with compensation decision-making and administration (pay for performance).

Enhance Career Development: Encourage employee development by creating clear role expectations and a well-defined path for professional growth.

Facilitate Business Growth: Create a consistent compensation structure that facilitates the integration of future acquisitions.

Reward Competitiveness: Improve the linkage between the value of your total compensation package to the competitive market.

Legal Compliance: Safeguard the organization’s resources through the adherence to laws designed to provide fairness as to how employees are paid.

Consider these value-added reasons, apply them to your business needs, and help ensure your organization is on track for an effective and prosperous new year!

Contact Us

BCR has a great deal of experience in working with organizations in improving their HR processes. Reach out to us and we can discuss how we can assist your organization.

Written by: Aarthi Rao, Consultant

BCR is a local, minority-owned firm with more than 25 years experience in serving non-profit, public, and privately held entities in the key areas of Benefits and Compensation Consulting, Performance Management, Human Resource Organization Development, and Human Resource Information Systems and Processes.

 

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