Description:
Develop a structured salary and grading system to ensure fair and competitive compensation.
Duration: 8-12 weeks
Major Activities:
- Conduct job evaluation and benchmark salary data
- Define pay grades and salary bands
- Align compensation strategy with business goals
- Develop a performance-based pay structure
- Communicate the grading system to employees
- Establish review and adjustment mechanisms
Deliverables:
- Salary grading framework and pay structure
- Job evaluation methodology and benchmarking report
- Compensation policy and guidelines
- Salary review and adjustment procedures
- Employee communication and training materials
Project Tips:
✅ DO:
- Use industry benchmarks to set fair and competitive salaries.
- Align pay grades with career progression opportunities.
- Clearly communicate the structure to employees.
❌ DON’T:
- Create too many salary bands, leading to complexity.
- Ignore external market competitiveness.
- Implement changes without leadership approval.