MARKET LEADERS

Remuneration management

To sustain their competitive advantage, most market leaders deliberately align their remuneration management practices to their business strategy. Consistent with the approach taken by these companies, our Remuneration Planning System will address:

An individual Total Employment Cost (TEC¹) for all employees not in collective agreements;
A Market Alignment Policy that defines TEC targets for expected performance;
Precise delineation of benchmark positions that will fairly represent clusters of similar jobs;
Bands of benchmark positions based on career levels, by job family;
Market sector pay rates (from multiple sources) that match all benchmark positions;
Market alignment to the performance of the least experienced (still developing) employees, up to the most capable (best performing) employees;
Employee pay ranges around each TEC target to reflect these performance differentials;
Individual pay increases based on performance and current pay position in the TEC range.

The Remuneration Planning System (RPS) will help ensure that your business strategy will be properly supported by your remuneration management practices. For example, the RPS can diagnose your data about your business environment & strategy and propose a TEC structure that will reflect suitable market sector rates and your need for employee pay flexibility.

¹TEC includes all fixed remuneration items, such as base salary, allowances, superannuation, cars and other benefits, plus the full cost of Fringe Benefits Tax - TEC is widely accepted as the most fair and objective measure of fixed remuneration practice.