What is Reward Modeling and Pay Management?
An effective compensation strategy is a well-reasoned, actionable plan that translates an organization guiding principles about compensation into tactical approaches around base pay, short- and long-term incentives, and recognition awards in order to meet business objectives. It ensures that compensation is set properly to get the greatest impact on investments.
Why do organizations need it?
A reward structure and pay management responding to the below questions:
- Employer – Do our rewards programs foster knowledge, competencies, and behaviors that are necessary for business success?
- Employee – Are my rewards part of a compelling value proposition that I understand and support?
- Cost – Are rewards costs affordable and sustainable? Do they crowd out other profitable investments?
Deliverables
Applicable for the following companies sizes:
- Microenterprises
- Small enterprises
- Medium-sized enterprises
- Large enterprises
main target at your organization
- CEO
- CFO
- CHRO
- HR