HOW TO GUIDES
Creating Your Compensation Strategy
Does your company discourage salary discussions (or even prohibit them)? Is your compensation shrouded in mystery, not visible to prospective or current employees?
If you answered yes, then you’re not alone: according to a 2010 study from the Institute of Women’s Policy Research (IWPR), 66% of private employers took the same position.
Today’s workers WANT to talk about their earnings — about 40% of Generation Z and Millennials compared to 31% of GenXers and 19% of Baby Boomers, according to the Bankrate survey; this, combined with new pay transparency laws, are causing employers to lift the curtain on how their employees are compensated.
Are you ready to be transparent?
Let’s get Started!
Your organization has a compensation strategy and philosophy whether it was deliberately created or not.
In fact, most companies operate on a philosophy built solely on historical pay practices - inadvertently carrying forward longtime problems of pay inequity and unfairness that could lead to employee disengagement, turnover, and inability to attract new talent.
Agile Talent Consulting can help you create a compensation strategy that is equitable, desirable, and market rate.
Step 1: State your Values
The strongest compensation strategies start by confirming your business objectives and values and how they relate to your compensation and total rewards.
Step 2: Define your Roles
Before you compare your compensation to other organizations - or, even determine if your employees are being paid equitably - you need to define each role and its requirements.
Step 3: Communicate
Document and share the decisions you made around how often you will review compensation, and the mechanisms in place to ensure internal and external pay equity.
A few kind words.
“This is a quote from one of your clients, praising your unique ability to deliver outstanding work. Ideally, they’ll tell you about the experience they had working with you, the end results, and how their clients are feeling about what’s changed. They’re stoked out of their mind and want to tell all of their colleagues that they should hire you!”
Person’s Name
Founder, Company
Ready to get started?
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