Steve Mele
Talent & Reward l M&A l HR Transformation l Project & Interim Management

 

Consulting Group

 

 

 

 

 

 

Pay Philosophy

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

Pay Philosophy

Attract, motivate and retain people to drive rand cc's success through the use of competitive pay practices linked to Company & Individual performance.

Performance Aligned Pay

The Company is committed to building and operating a performance driven culture awarding superior pay for superior performance.

Peer Group

The Company operates within the construction industry sets total compensation at market median

Base Salaries

The Company sets the largest component of compensation to internally equitable and externally competitive.

Salary Reviews

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.

Bonus Award Plan

The Company operates a variable bonus award plan designed to align company strategy and performance with employee performance-based contributions

Pay Structure

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.

Base Pay & Bonus Mix

The base and bonus mix are designed to provide differentiated rewards based on role, performance, competitive positioning and company results.

Calendar of Events

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.

Talent & Reward
Talent & Reward
Talent & Reward
 Total Reward
 Total Reward  Total Reward
 Succession Planning
 Succession Planning  Succession Planning
 Performance Management
 Performance Management  Performance Management
 Broad-based Compensation
 Broad-based Compensation  Broad-based Compensation
 Talent Management
 Talent Management  Talent Management
 Executive Compensation
 Executive Compensation  Executive Compensation

 

 

 

Pay Plan l Base & Bonus

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

Total Compensation

 

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

   superior performance,

 

- 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.