Strategic compensation plan
Analysis of the compensation policy
Within the development of our Strategic Projects, we analyze the remuneration policy that the company should have in order to achieve the global objectives of profit improvement.
In this way, in Melt Group we help you to avoid talent drain. Having a good strategic compensation plan will allow you to improve the management of your company at all levels.
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Is it important to have a strategic compensation plan?
A good remuneration policy in the company is essential for the company to grow while optimizing its resources.
This favors employee remuneration, improving their attitude and commitment to the company, which in turn translates into better business figures.
What is the objective of the Strategic Compensation Plan?
A strategic compensation plan allows a company to establish a compensation system that guarantees the efficiency of the company, retaining talent and promoting the quality of Human Resources.
This favors employee confidence and strengthens their commitment to their job.
Strategic compensation plan: factors to be taken into account
Internal factors
- Location of the company: this is one of the most important aspects, since the location of the workplace directly interferes with the commute and its cost. In our analysis we take into account whether the company is close to an urban center, whether parking is easy to find, whether it is far from the city, etc.
- Company’s economy: the economic situation of the company is key when it comes to implementing a good strategic compensation plan. Our commitment is to ensure that the payment of salaries is possible, without generating a financial gap in the company.
- Job positions: thanks to the company organization chart we can analyze the different job positions. Ideally, each job position should be well defined and we should know the functions of each employee. Remuneration policies should be made taking into account the aptitudes and attitudes of the different employees and their jobs.
- Employees: studying each of the company’s employees is a priority. In this way we can get a clear picture of their personal situation, establishing their needs and motivations.
- The salary range: it is the moment to fix definitively the salary range in which the company’s remuneration will move. At this point we must also mention the possible incentives, since they must be well defined for each job.
External factors
- The labor market: the labor market situation is an external factor for a serious strategic compensation plan. The truth is that the labor market is changing and this conditions the salaries and wages of the personnel.
- General economic situation: the economy of the country in which the company operates is also important when it comes to setting the remuneration policy. Salaries are not the same in good economic times as in times of serious crisis.
- Labor policy: externally we must look at the labor policies that are being implemented in the country. We actively observe the Minimum Interprofessional Wage, in order to promote a quality remuneration policy adjusted to reality.
- Different agreements: it is essential to carefully analyze what the collective bargaining agreement we are going to be governed by says. In order to have a remuneration policy adjusted to reality and legality, it is essential to have this agreement as a reference.
Some types of remuneration
Discover with Melt Group the best strategic compensation plan for your company. Our specialists in Human Resources are at your company’s disposal to improve the remuneration strategies successfully.
Contact our team and enjoy quality HR advice.
In Melt Group we differentiate the following types of compensation:
