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Job Evaluations
Conducted to create structure within the organization through determining relative worth of each position. Each role is evaluated by team/vertical based on a variety of criteria (skills, abilities, knowledge required to successfully complete a job) as well as horizontally to understand how it fits into the overall company hierarchy.
Job evaluations can be used alone to establish an internal structure, or in pairing with compensation benchmarking to provide a clear career path and relative pay bands for each role and job family, ensuring talent retnetion
Compensation Benchmarking
Used to evaluate competitiveness of pay externally or internally by leveraging market compensation data in comparable industries and roles. Typically compares TTC (Total Target Compensation) components only.
Proper benchmarking requires certainty around "job matches" and survey participants to ensure the evaluation is reliable
Incentive Design
Variable pay or "pay at risk" is used to incentivize specific actions or behaviors, and is only paid out based on measurement of performance against certain predetermined criteria. Typically used in compensation structures of sales and executives type roles, though can be applicable to virtually any job type.
Incentive design is a crucial piece of an organization's performance, especially for newer companies. Design is not created in a vacuum and considers all aspects of the organization including size, maturity, market, structure, goals, objectives and capabilities
Compensation Program
Compensation program refers to all components of the compensation structure. See below for framework highlights:
-Compensation Philosophy
-Guiding Principles
-Job Evaluations
-Benchmarking
-Incentive Design
-Financial Modeling
-Incentive Calculators
-Plan Documents
-Implementation Guidelines
Tools & Other Initiatives
-Plan Effectiveness Tools & Dashboards
-Job Descriptions
-Incentive Calculators
-Communication Language & Guidelines