Pay for Performance is a compensation structure in which employees are compensated based on how their performance is assessed. Typically, Performance Reviews are designed to assist managers with decisions on salary increases, promotions and performance issues. Many organizations design Performance Reviews based on organizational Core Competencies that flow seamlessly into job descriptions and job postings.
The Salary Review process involves analyzing an organizations salary structure against relevant market data. An effective salary review process will assist in determining if your employees are paid appropriately while maintaining internal equity and external competitiveness. Competitive salaries assist in employee retention.
A Bonus Plan is an effective means to motivate and compensate eligible employees annually based on the achievement of business and individual performance objectives during each calendar year. The right Bonus Plan in conjunction with other type of employee benefits can be highly useful for employee retention.
Salary banding is the process of determining and appropriate range of pay for a particular job or function within an organization. Ranges are based on a variety of factors eg; location, position relevance to the organization, experience and seniority. Salary Bands ensure employees are being compensated fairly while maintaining internal equity and external competitiveness.
Job Evaluation is a systematic way of determining the value/worth of a job in relation to others within an organization in order to ensure a fair job hierarchy and/or salary system is in place in relation to other jobs in the organization. Perritt & Associates can effectively evaluate jobs resulting in consistent job descriptions that align with job postings, performance appraisals and recruitment questionnaires.