REWARD AND COMPENSATION
Reward & Compensation
Reward & Compensation processes are key elements in the equations for attracting, recruiting and retaining staff. In some cases, far more limited than often thought, they are also instrumental in achieving or sustaining motivation. However, many so-called incentive schemes do not incentivise – they merely ensure a fair apportionment of the pay budget which is an important but different issue.
Black Rand Holdings provides technology and strategic consulting to support Reward & Compensation; we specialize in three key areas:
Since 2011, Black Rand Holdings has developed Gauge® Job Evaluation, a sophisticated Job Evaluation methodology and software application. Gauge utilizes a Factor-based Job Evaluation methodology and this Software-as-a-Service deploys an adaptive factor-level elimination questionnaire that efficiently derives an objective, transparent and auditable assessment of a job’s value, expressed in points.
A typical job evaluation:
- does not depend on a job description (often a work of fiction designed to achieve a certain evaluation)
- takes less than 45 minutes to complete
- can be undertaken by the job-holder and/or manager (even with a union representative present if desired), and
- produces a complete questionnaire/response trace as well as a job overview reflecting the respondent’s input.
The evidence supporting recognition schemes as being the most effective at achieving engagement and retention is overwhelming. However, many organizations address this issue generically when recognition and engagement can only be achieved individually. Every individual has different preferences and needs in terms of what they expect from their organization, their work, their manager and the environment. Managers need to be able to diagnose those individual needs and then take specific actions to address them. Black Rand Holdings has developed a range of tools, processes and training to establish effective recognition practices.
Variable Reward & Compensation
Variable Reward & Compensation processes seek to address a complex blend of (a) establishing and maintaining market pay rates to ensure attraction and retention, (b) variable pay to recognize superior performance and to incentive this where practical, (c) fair apportionment of a total reward and compensation budget.
Collectively, those have to reflect the organization’s values, communicate and reinforce the desired priorities, actively engage managers in the decision making to ensure commitment and support, and be efficient, practical and defensible in implementation.
Black Rand Holdings works with each client to examine its needs, identify its capability and readiness to change, and then to plan for and implement appropriate solutions. These may be, for example, new processes, new applications created using application development platform, new metrics for managing decision-making processes, or even skills training for employees, managers or HR.
Contact us for more information.