Current Situation
The conventional compensation approach is based on market benchmarks and focuses on salary as well as variable compensation. Total compensation encompasses pay bands for the same role, variable achievement pay in the form of rewards, bonus, and equity packages, and benefits additions. Variable compensation often gives organizations cover to expand the variety of pay and pay structures even within the same employee classification for the same work.
Employees evaluate all aspects of compensation when considering a job. Comparing apples to apples and ensuring competitive compensation require a broader view of compensation.
Goals and Objectives
Goals:
Enable an apples-to-apples comparison between jobs including all compensation aspects as opposed to only fixed compensation.
Strategies:
Ease the compensation discussion with employees by supporting a comprehensive overview of all options for compensation.
Technology Deployed
Workforce planning tools
Compensation management
Recruitment marketing
Talent branding
External assessment and publication resources — social and reporting
Compensation planning and management
Compensation analytics and reporting
Payroll
VoE — comms management, surveys, and feedback
Use Case Summary
Identify competitive compensation levels and publish how the organization plans to implement them. Leverage advanced analytics and AI to define competitive total compensation strategies. Use real-time data feeds combined with predictive modeling to ensure that compensation packages remain aligned with changing market dynamics. Stay attuned to emerging compensation trends by proactively diversifying options for variable compensation aligned to variations in skills dependence at the individual level, ensuring that equal work cases are valued equally.