A Compensation Philosophy sets out the guiding principles of your pay policy. To be effective the your company's Philosophy must attract, retain and motivate employees. It establishes a basis for the company's definition of fairness and equitable treatment. The philosophy should be:
- aligned to your corporate mission,
- easy to understand and concise,
- optimistic and realistic,
- features of your pay programme
Attract, motivate and retain people to drive rand cc's success through the use of competitive pay practices linked to Company & Individual performance.
The Company is committed to building and operating a performance driven culture awarding superior pay for superior performance.
The Company operates within the construction industry sets total compensation at market median
The Company sets the largest component of compensation to internally equitable and externally competitive.
The company operates a performance-based salary review programs throughout the year which is based on personal contributions, competitive position, job contributions & the company's ability to pay.
The Company operates a variable bonus award plan designed to align company strategy and performance with employee performance-based contributions
The Company operates an integrated salary structure aligned to the market assigning jobs into levels with minimum and maximum ranges. The pay range represents each incumbent's base pay opportunity.
The base and bonus mix are designed to provide differentiated rewards based on role, performance, competitive positioning and company results.
The company maintains a calendar of key compensation events including industry surveys, pay reviews, bonus award plans and communications.
Pay Philosophy- A statement of Pay Philosophy does not have to be lengthy narrative but rather an accurate reflection of principles which should be closely correlated to practice.
Translating a pay philosophy into a programme where jobs are aligned to the market is a matter of:
- creating a hierarchy of jobs,
- leveraging market data for positioning,
- evaluating internal equity vs external competiveness.
- creating a structure that overlays the current pay plan and paves the way for the future
- ensuring that the pay plan is built into your reward technology from Excel to your ERP
The company's Total Rewards Philosophy is designed, to attract, retain and motivate top talent as a key factor in achieving business results.
- Salaries are set a market median with bonus opportunities for
- Bonus budget is set based on business performance. Bonus earnings
are based on business and individual performance,
- Managers & Employees share joint responsibility for participating in
the Performance Management Plan and are rewarded for:
- Performance against objectives
- Professional growth and development
- Living the values of the company.