Compensation design and total rewards management is critical. Organizations need to provide a competitive package to attract and retain top talent. Organizations that do not benchmark their total compensation package in the labour markets they are recruiting people from will not attract top talent. Failing to design competitive compensation programs results in high turnover costs, lost productivity, poor team morale, and increased recruitment and training costs.
Higher Talent’s core capabilities include compensation design and implementation. We have worked with many organizations to analyze their compensation structure and recommend changes to better align their pay based on internal and external factors.
- External market review of total compensation by position.
- Perform job analysis to assess complexity and skill level of position, and assess based on points based system.
- Recommend pay scales for your organization by job level.
- Assess your organization’s compensation structure to ensure pay equity.
- Design total rewards program that considers incentive pay, recognition program, benefits, and other perks.
- Create a communications and change management plan to roll out changes to staff.
Focusing on creating a leading total rewards program will increase your organization’s productivity and overall profitability.