Compensation Policy & Salary Structure Development and Implementation Support

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Traditional approaches to compensation and benefits management cannot adequately meet the challenges they will face without a fundamental reappraisal of objectives in a new environment.

Social-economic -, financial -, legislative - and fiscal changes have created an environment for reward which must differ substantially from current practices towards compensation and benefits philosophy and management within organizations. Much of the established thinking on the management of rewards has its origin prior to these challenges and, whilst this thinking has since evolved with each environmental change imposed, it is our view that for many organizations the evolution had been a reactive, step wise process, addressing each time the immediate issue but not having the luxury to pay attention to the philosophy and logical order of the total approach.

 

As we moved into 2022 and beyond, we believe this is no longer a luxury. The cumulative evolution year-to-date is such that nothing less than a root-and-breach examination of why and how we pay people the way we do will suffice. For those who have consolidated this background appreciation, we believe that the key to successful management of compensation and benefits lies in the concept of total and flexible compensation management. Flexibility of rewards can re-invigorate employees’ attitudes to how they are paid and stimulate responsibility in the stewardship thereof.

 

In the context of the aforementioned, organizations will not be able to tap into their potential in the coming years without a fundamental reappraisal of their approach to valuing the contribution of the individual roles and their incumbents. So, organizations need to look for new and better strategies for compensation and benefits policy and management within their organization. Thus, reinventing their total compensation and benefits infrastructure. Implementing the right compensation policy can have powerful benefits, including increasing the quality of your candidate pool, improving retention, creating organizational alignment, boosting your reputation, and your bottom line.

 

Management Advisors’ approach towards compensation policy & salary structure development is based on the principles of ‘modern total and flexible compensation philosophy’ and it consists of the following key steps:

 

Step-1: project preparation and start-up

Step-2: conduct an impact analysis for the compensation policy and salary structure

Step-3: develop compensation policy and salary structure

Step-4: perform cost calculations of the compensation policy and salary structure

Step-5: provide implementation support

Step-6: perform project evaluation and closing

 

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