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Compensation and Reward System

The HRM Compensation and Reward System combines progressive human resource principles with a bottom-line orientation to create Compensation and Reward Systems that motivate employees and support your business objectives. The entire system is yours, tailored to fit your needs and your financial situation. Your Compensation and Reward System is updated based upon the latest compensation trends and changes in your corporate environment.

Why is a Compensation and Reward System important?

Employees see pay as a declaration of their value to the organization.  A formal Compensation and Reward System provides consistent, equitable pay throughout the organization.  By doing so, it motivates employees to improve performance and support the organization’s objectives.

The number of law suites and internal grievances charging unfair pay practices has risen at an alarming rate during the past few years.  The cost of such actions against your company could be significantly higher than the cost of a sound Compensation and Reward System.

You need a Compensation and Reward System if:

  • You have 15 employees or more.
  • You have a sense that you are spending too much on compensation.
  • You are having complaints about discrepancies between individuals, levels, departments or locations.
  • Your company is growing rapidly or is restructuring.
  • Your current system is outdated.
  • Your turnover rate is high.
  • You are expanding to more than one location.

 

A Compensation and Reward System is Affordable:

We designed the Compensation and Reward System for small and medium-size companies with a view towards saving you money.

 

Creating a Compensation and Reward System:

A comprehensive appraisal of your current policies and corporate objectives is conducted in order to develop a compensation philosophy with you.  We then create job descriptions, evaluate jobs and analyze market data before creating a Compensation and Reward System.  Next we develop pay policies, including a performance management system.  Finally, we help you implement individual pay adjustments and communicate your new Compensation and Reward System to all employees.

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