From the course: Human Resources: Pay Strategy
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The 1, 2, and 3s of building a pay strategy
From the course: Human Resources: Pay Strategy
The 1, 2, and 3s of building a pay strategy
- Michael Porter, a leading economist and researcher, once said that a sound strategy starts with having the right goal. Your organization's business strategy, along with its vision, mission, values, and the external environment, are starting points for building your strategy framework. Join me as we walk through the four elements of creating your pay strategy. Make note that we're assuming a budget is established for allocating funds toward compensation and benefit programs and that compliance with all federal, state, and local laws is a given. First, create a compensation philosophy. This is a formal statement about your organization's pay approach. It sets the stage for the design of base, incentive, and bonus plans. It may also state the company's market positioning or be more general in nature. Tie your philosophy back to strategic measures of success, the organization's core values, the HR strategy, employee value…
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