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Maximize Your Compensation Plan

 

Compensation is vital to the success of any organization and a well-designed compensation program can differentiate an organization from its competitors. As companies struggle to attract and retain top talent, understanding the fundamentals of designing an effective compensation program has become even more critical. A good start is to lay out the compensation philosophy with the basic principles that will guide your compensation decisions.  

We can help you develop a compensation plan that is:

  • Legislative Compliance – The legislative requirements, including but not limited to the Employment Standards Act, Pay Equity Act and Broader Public Accountability Act must be observed.

  • Fairness, Equity and Consistency – Employees are able to trust that the program is fairly administered and consistently applied. The compensation program objectively, accurately and equitably assesses the internal value of all positions.

  • Openness and Transparency – The decision-making process regarding salaries are accessible to all employees.

  • Understandable and Logical – The decision-making principles and practices are well communicated, follow clear standards and simple to understand.

  • Market Competitiveness – The compensation program is competitive to the external market or other employers based on the compensation philosophy.

  • Attraction, Retention & Motivation – Employees are compensated based on value of role and level of performance; compensation mix attracts individuals with skill sets that are in high demand in the market; organization retains and grows high potential employees.

  • Flexibility and Adaptability – The compensation program is adaptable to the changing needs of the organization and recruitment sources.

All organizations have an obligation to develop and maintain Pay Equity. It is imperative that wage gaps that reopen or are created after pay equity is achieved is closed. Ignoring your responsibilities under the Act can cause you to end up before the Pay Equity Commissioner who has become more active in the auditing of organizations.

Pesce & Associates has a history of intervening in organizations to implement strategic compensation practices.  We understand the full human resource framework and the role of compensation. We have worked with many organizations in the municipal, long-term care, hospital and social service sectors.  Let us help you build a compensation program that has the necessary components for success.