- Profile creation, including demographics, organizational philosophy retention rate, and objectives.
- Desired state identification, including the purpose and desired outcome of your total compensation strategy, identification of compensation ranges (e.g. 50th percentile, 75th percentile etc), the compensation mix between base and total compensation, and geographical differentials.
- Preparation of a preliminary compensation philosophy, and review against organization strategy.
- Completion of a well-documented compensation philosophy.
People drive your organization forward. A strong, strategic compensation philosophy:
- Attracts, retains, and rewards talent.
- Helps staff focus on the vision, mission, and strategy of the organization.
- Underpins a consistent, well-articulated plan that drives business value, is fair and equitable.