Best Practices – Compensation Management
Strong cultures epitomize fair and equitable opportunity for employee stakeholders.
Committed and ambitious employee acquisition and retention begins with compensation management.
Best-in-class compensation management requires comprehensive and systemic understanding of:
- External factors
- Applicable regulations
- Market salary data
- Internal Factors
- Employee data
- Job analyses and descriptions
The planned application within a comprehensive and integrated system enables HR organizations to fulfill their primary responsibility to the organization of delivering the best and the brightest at competitive rates.
Strategic orientation anchors the HR development process. Strategy alignment begins with translating operational processes into the critical job descriptions required by the organization to achieve their objectives. Compensation management data is fundamental information required by HR to complete key processes of organizational structuring, capacity planning and performance management, and therefore is the basis for any comprehensive and integrated HRIS.
Does your compensation management system encompass all of these elements?
Elements of BIC Compensation Management:
- Comprehensive Position Analysis Questionnaires / Reviews / Interviews
- Does your compensation
- Compliant and Consistent Job Descriptions
- Internal and Validated Job Rating System
- Market Salary Data
- Employee Data Integration
- Action-oriented Analysis Capabilities (Pay Equity, Performance, Pay Policy, Human Capital Planning)