Base-pay Salary Administration
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Establishing an effective salary administration process is more that just setting up a pay structure or benchmarking jobs. It’s about comparing the firm’s short and long term goals against the current culture. It’s about taking the results of this comparison and creating a pay philosophy that will guide all pay decisions across the organization. Then comes the tactical work of designing and implementing a base pay structure that creates internal equity among positions with equivalent levels of responsibility and external equity by being in-line with market levels so that the firm can be competitive, fair and legally compliant in its pay practices. Setting competitive wages is crucial to ensuring that firms attract and retain the best talent. Additionally, the implementation of a formal grade (or band) structure will enhance career development initiatives and provide a framework for developing succession planning initiatives. As part of this service, FMI will assist in all steps of designing, creating and implementing an effective salary administration process tailored to the needs of your organization.
Read more about building a base-pay structure. To take the first step in better leveraging your compensation dollars, or for additional information about our general management consulting services, please contact Vance Boyles at 602-772-3428. |
