The decision of salary level and salary structure is one of the most important HR functions aligning with the organization’s objectives. Enrich Talent team is highly qualified and experienced to assist your organization.
Total Rewards encompass direct and indirect remuneration approaches that employers use to attract, recognize and retain workers. Total Rewards are financial and non-financial. Financial Compensation includes direct pay, incentives and benefits. Non-financial Compensation includes job contents and job environment. We design, organizational compensation and benefits strategies and plans that align with the organization’s mission, vision and values. Also we design and implement executive compensation approaches that directly connect individual performance to organizational success.
We adopt the systematic approach to do the Job Analysis, Job Documentation, Job Evaluation, Job Pricing, Salary Survey, Salary Rate, Salary Structure, Pay Grades, Salary Bands and Effective Communication of Total Rewards. We also use money and motivation theories as money is a significant factor in almost every theory of motivation.
Every organizations Total Rewards plan must be compliant with applicable laws and regulations and be cost-effective and affordable for the organization. A well-crafted plan will be able to achieve its overall goals and objectives while working within the reality of fiscal constraints. A well-crafted Total Reward must have:
· Compatible with the organization’s mission and strategy.
· Attracts people who can help the organization meet its mission and vision.
· Compatible with the organizational culture.
· Retain valuable employees.
· Motivates and rewards desired performance.
· Internally and externally equitable.
· Spends compensation money wisely.