Fair compensation and pay equity are vital for companies of all types and sizes in terms of efforts towards closing racial and gender pay gaps, and building a diverse, committed, and loyal workforce.
A compensation program must be linked to the organization’s human resources philosophy and serve as a source of motivation. We believe the most successful compensation plans are transparent, easily understandable, and highly credible.
The return on investment of fair, consistent, and transparent pay arrangements is the retention of a more satisfied workforce and putting an organization on the map when it comes to attracting new staff.
We Can Help You Develop Your Compensation Strategy
Our team of HR consultants can aid your efforts in developing an externally competitive and internally equitable compensation program that aligns to all related legislation by:
- Developing a Compensation Philosophy that is aligned with the organization’s strategic direction.
- Drafting or modifying job descriptions
- Creating or reviewing job evaluation processes and Job Evaluation Plans to maintain internal equity ensuring the Job Evaluation Plan is compliant with applicable legislation.
- Completing job evaluation assessments and completing or providing direction on process for completion of related documentation.
- Developing pay structures and salary grids that are internally equitable and competitive with external comparable organizations.
- Conducting market surveys with analysis and recommendations.
- Developing job evaluation and compensation-related policies and procedures.
- Developing pay for performance plans and strategies.
- Updating and developing Pay Equity Plans.
Why Reviewing Compensation is Important?
Establishing an effective compensation strategy is critical to positioning an organization favourably in the labour market, it is important that pay structures or pay bands are monitored to satisfy the compensation needs of the organization. In driving the compensation strategy organizations should include routine salary audits, reviews for internal and external equity, and assess the compensation framework for legal compliance. In doing so, an organization is better prepared to modernize its compensation strategy and retain its talent pool.
Why Is Pay Equity Important?
Establishing pay equity within an organization and a transparent work environment has several benefits in terms of employee performance and retention. Guaranteeing equal opportunity for everyone and providing employees with fair compensation based on objective factors leads to loyal staff and an environment of mutual trust.
Further, it will positively affect your organization’s reputation and make it more attractive for potential hires, as well as contribute to your workforce diversity.
