Description
Scope:
- Identity suitable comparator companies for benchmarking
- Carry out a remuneration survey to determine competitiveness of the company against their respective pay markets
- Highlight any gaps and comment on alignment of their current positioning with the proposed pay philosophy
- Adopt the whole–job classification methodology in matching the company’s job grades to equivalent levels in the comparator companies
- Align with the stakeholders to propose a split between guaranteed and variable pay, in line with leading practices, as well as consider alignment of the pay structure with the company’s pay philosophy, employee needs and market practices.
- Define pay elements and delivery mechanism
Deliverables/Outputs:
- Remuneration Benchmarking Report covering job matching results, percentile analysis of pay components and total pay across all comparator companies, details of benefits, perquisites and general HR policies
- Pay Structure Recommendations
Timing:
- This work typically requires around 4-6 weeks to complete. A specific timeframe for execution will be agreed between Client and Consultant after purchase.
Assumptions:
- Client will have authority/agreement to have stakeholders participate in consultations/engagement sessions
- Includes up to 2 rounds of socialization/revisions based on client feedback
- Client will provide constructive feedback and guidance in reviews
- Client will review & accept deliverables with 5 business days of final submission
- Client will provide relevant source materials & data, licensed, company and brand assets & guidelines, etc.
- Out-of-scope or additional requests will require a separate engagement
