Employee pay is one of the largest and most valuable investments for any organization. But getting compensation right is challenging.
Pay plans are designed, implemented and administered differently depending on business objectives, but to succeed they must be built purposefully and in alignment with organizational goals, culture, values and overall business strategy. The consequences of getting this wrong can be significant, potentially leading to lower employee engagement and productivity, a gap in critical talent, or even difficulty in sustaining profitability.
Successful pay plans support the achievement of the goals that matter to your organization’s compensation investments, including:
- Optimally using your organization’s salary budget
- Successfully attracting and retaining the right talent
- Strategically and competitively positioning your organization within your industry
- Achieving employee satisfaction and engagement through a fair and equitable pay policy
Our guide includes a helpful worksheet to help you assess your compensation planning readiness. By competing the worksheet, you will gain insights into gaps and areas that require your attention.
Ready to jumpstart your journey towards a sustainable pay plan for your organization? Download the WTW compensation planning guide to get started today.