Craft a Compensation Philosophy
Lay the groundwork for compensation that is competitive, cost effective, and brand aligned.
Book This WorkshopWithout a compensation philosophy:
- The organization will experience difficulty managing compensation costs and decisions in a consistent manner.
- The organization’s approach to compensation will not be tailored to its strategy.
By having a compensation philosophy:
- The organization will pave the way towards pay transparency.
- The organization can effectively manage compensation costs.
- The right talent will be attracted to and retained by the organization through effective market positioning.
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Workshops are a great way to accelerate your project. Our highly skilled facilitators take you through key phases of your project and ensure your team has the guidance needed to complete your project successfully.
Book NowModule 1: Assess Current State
The Purpose
- Discuss the organizational factors influencing compensation.
Key Benefits Achieved
- Organizational insights that will impact the approach to compensation.
Activities: | Outputs: | |
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1.1 | Identify and discuss compensation challenges. |
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1.2 | Discuss internal and external factors influencing compensation. |
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Module 2: Craft the Compensation Philosophy
The Purpose
- Conduct a competitor analysis.
- Develop compensation principles.
- Determine target market positioning strategies.
Key Benefits Achieved
- Drafted compensation philosophy.
Activities: | Outputs: | |
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2.1 | Identify competitors for talent. |
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2.2 | Uncover fundamental compensation principles. |
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2.3 | Determine market positioning strategies and targets. |
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2.4 | Draft the compensation philosophy. |
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Module 3: Customize the Point Factor Tool
The Purpose
- Select and customize factors aligned with the organization’s context.
Key Benefits Achieved
- Customized and aligned point factor job evaluation tool.
Activities: | Outputs: | |
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3.1 | Select strategically aligned factors. |
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3.2 | Customize factor definitions and levels. |
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Module 4: Customize the Point Factor Tool
The Purpose
- Weight the factors and allocate points across factor levels.
- Test the tool for bias and accuracy.
Key Benefits Achieved
- Tested point factor tool.
Activities: | Outputs: | |
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4.1 | Weight the factors. |
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4.2 | Check for bias. |
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4.3 | Allocate points to each level. |
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4.4 | Test the tailored Point Factor Tool. |
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Module 5: Next Steps and Wrap-Up
The Purpose
- Ensure the point factor method is implemented and maintained effectively.
Key Benefits Achieved
- Action plan to continue the job evaluation process.
Activities: | Outputs: | |
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5.1 | Review tool testing results. |
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5.2 | Develop an action plan. |
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