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Salary & benefits review

Posted in Compensation & Benefits

What was the goal:
To review the salary and benefits package, which included presenting possible solutions for future pay progression and revised salary ranges.
What was the context:
Our client sought to understand how their salary and benefits package compared to the market as they were having difficulty retaining key individuals as well as some other employees.
What were the options:
We presented, with costings, different options for pay progression. This included offering alternatives to the client’s current incremental spine points approach or moving to market related salary scales, including the introduction of performance related pay.
What did we do:
  • Using job descriptions, the organisation structure and employee data, we identified the most appropriate data sources for the company
  • We then compared market data against current pay for each employee
  • We prepared a report providing the data and commented on findings and possible remedial actions, options and recommendations
  • We met with the Finance Director and CEO to discuss our findings, consider cost implications and the communication approach for appropriate changes
What was the outcome:
Salary scales were revised and brought in line with the market. Pay progression was changed from annual incremental increases to a market and performance related salary review. Benefits were improved, including the introduction of a ‘no cost to employer’ voluntary benefits package and a cycle to work scheme. Introduction of a new performance management system
What did the client say:
Our client was very pleased with the thoroughness of the work we completed, that we had provided practical alternatives to the current pay progression approach and had taken them through step-by-step on how things could be changed and the communication and consultation required with employees.