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Reality Based Pay Structures

Reality Based Pay Structures

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Published by Shiji Sj

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Categories:Types, Research
Published by: Shiji Sj on Mar 16, 2010
Copyright:Attribution Non-commercial

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05/27/2013

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A Roundtable Discussion:Market Based Pay Structures for ³Reality Based´ PayJuly 2005
 
2
O
bjectives of Pay Structures
Attract, retain, reward, motivateBenchmark to appropriate/comparable ³markets´, i.e., external equityReconcile internal and external equity for ³job slotting´ in new pay rangeRemain legally compliantBe easily communicated and understoodBe cost effectiveReinforce and reflect the mission and values of ABCRemain unbiased and objectiveBuild trust and buy-in
 
3
Pay Structures in Support of Pay Philosophy
Business Strategy:ABC, Inc. requires and expects the
best 
from its creative, energetic, knowledgeable, andcapable people.
O
ur first responsibility is to
serve our clients.
Pay Philosophy:We have developed a compensation program that creates enthusiasm in those
who
serve sothat we will create enthusiasm in those
whom
we serve. To succeed in this endeavor, allABC employees will be results-oriented, quality-focused, team-driven, cost-minded, andfulfillment seeking and be rewarded at or above the median of like positions in similar organizations.Pay Structure:ABC Institution¶s total compensation program (i.e., pay and benefits) supports our missionand strategy. It provides a competitive and affordable level of compensation for eachemployee in exchange for expected levels of 
 performance and results.
Total cashcompensation may exceed that offered by comparable organizations provided individual,team, and/or the organization
 performance and results
are exceptional and the organizationrealizes superior financial performance.

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