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How do i design and implement a compesation structure for an organisation?
Greetings,
Please share the set of information you have with regards to compensation structure . We can guide you there after .
It wouldnt be easy to share with such a little information .
Please do share , what vertical you belong to , what is the current employee strength, business model ie sales or operations , what is the kind payment that you are making at the moment. Even if it is voucher payment , how have you arrived at it ? Incase your organization is registered with ESIC AND etc .
Regards,
(Cite Contribution)
Please share the set of information you have with regards to compensation structure . We can guide you there after .
It wouldnt be easy to share with such a little information .
Please do share , what vertical you belong to , what is the current employee strength, business model ie sales or operations , what is the kind payment that you are making at the moment. Even if it is voucher payment , how have you arrived at it ? Incase your organization is registered with ESIC AND etc .
Regards,
(Cite Contribution)
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Pay structures define employee compensation for different jobs or groups of jobs. They involve setting salary ranges and pay grades based on market data and job roles. Here’s our guide on why and how to set up a pay structure
Pay structures (also known as salary structures or compensation structures) help companies offer equitable, competitive salaries and map out employees’ path to growth and higher pay. They enable companies to attract and retain talented people.
Compensation structures create a fairer and more predictable process for determining an individual’s compensation. The alternative to setting up formal pay structures is to determine salaries based on:
• Candidates’ salary history.
• Arbitrary figures
Both methods would confuse managers and team members regarding pay levels and career development and raise suspicions of discrimination. To avoid these issues, it’s a good idea to set up a pay structure, especially once companies reach 200-250 employees.
How to set up a pay structure
• Conduct job analysis and job evaluation
• Determine the form of your employee compensation structure
• Pay grades
• Plan to update pay structures
• Educate managers
Pay structures (also known as salary structures or compensation structures) help companies offer equitable, competitive salaries and map out employees’ path to growth and higher pay. They enable companies to attract and retain talented people.
Compensation structures create a fairer and more predictable process for determining an individual’s compensation. The alternative to setting up formal pay structures is to determine salaries based on:
• Candidates’ salary history.
• Arbitrary figures
Both methods would confuse managers and team members regarding pay levels and career development and raise suspicions of discrimination. To avoid these issues, it’s a good idea to set up a pay structure, especially once companies reach 200-250 employees.
How to set up a pay structure
• Conduct job analysis and job evaluation
• Determine the form of your employee compensation structure
• Pay grades
• Plan to update pay structures
• Educate managers
#Listed In: compensation structure business model City-Zambia-Lusaka Country-Zambia career development
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