“Compensation can either improve employee satisfaction or hurt it. The effect is never neutral.”
Perhaps truer words were never spoken, though these days it is often hard to see how an organization’s compensation plan can improve employee satisfaction.
It never ceases to amaze executives when their organization spends hundreds of thousands, or even millions of dollars on a new pay package - yet employees still grumble that it is not enough or is not fair.
Virtual Market Job Evaluation
The Virtual Market Job Evaluation system is a comprehensive redesign of your organization’s pay structure and pay rates. This approach combines competitive market survey information with quantifiable job evaluation scores to create “virtual markets” within the organization. The result is a more widely accepted pay plan that is easier to maintain.
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Alignment and Communications
Our consultants can work with your organization to create a staff compensation program that:
- Creates a clearly defined and understandable compensation philosophy that can be shared with all employees
- Creates pay ranges for jobs based on your competitive market, and your compensation philosophy
- Creates incentive rewards for employees and work units that are tied to organizational and work unit specific goals
- Creates additional rewards that link to achievements consistent with the mission, vision, and values of the organization
- Creates annual performance and market increases that reflect organizational success and market movement
- Eliminates inconsistent pay policies and practices that are a constant source of employee dissatisfaction
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Compensation and rewards are powerful tools for healthcare executives. We can help your organization gain the full value of these tools.
For more information about HR Consulting Services, call us at (317) 803-7700 or fill out the form below and the appropriate Nyhart associate will be in touch with you
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