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Does you Rewards Plan and approach consider Pay Hikes based on Pay for Performance approach only, or do you consider a Matrixed relation between Performance, Experience and Current Market Pay Position of your talent pool. Are your policies and models attuned to blending in multiple perspectives? One can take an approach by blending multiple approaches for achieving the best outcome. Appended sample of a 'Matrix Model' illustrates this point.
As Salary Increase Budgets become tighter, in India and Worldwide, are you able to prioritize your Budgets in a way that helps your company achieve desired market competitive positioning for top skills, top performers, high potential talent and high growth business units?
Are you able to incentivise your talent pool through Pay for Performance - Bonus Models that are attuned to Business Results, Experience and Desired Performance? Appended sample of a 'Matrix Model' illustrates this point.
Are you able to incentivise your highly experienced and high potential talent in a scenario where you cannot offer large cash rewards/pay hikes but you still need to retain them?
Do your 'Annual Rewards Planning Spreadsheet Tools', save man-hours and help you plan/administer salary increases and performance bonus in way that allows you time to reflect deeply on Compensation Philosophy, Strategy and Business Goals or are you bogged down with laborious data collation and input in Spreadsheets. Our 'Rewards Planning Spreadsheet Tool' provides auto-populated data insights, market competitive analysis, auto-populated recommendations for pay hikes and performance incentives, with room for discretionary adjustments? Appended sample of 'Visualization Charts' from our 'Annual Rewards Spreadsheet Tool', illustrates this point.
If you would like to find out more about such pay practices, models and tools, reach out to me at vinitverma@hrnetworkplus.com or call/WhatsApp me at +91-9831726698 or follow me and watch out this space for more updates!
Vinit Verma
Independent Consultant
HRNetwork Plus Consulting
(HR - Compensation, Benefits, Policies, Rewards, Compensation Software)