Street-Smart Wage & Salary Program
“Human beings are more alike than unalike. Whether in Paris, Texas, or Paris, France, we all want to have good jobs where we are needed and respected and paid just a little more than we deserve.” Maya Angelou
Yes, we all want to be paid “just a little more than we deserve.” The trick for a business is to implement a compensation strategy that:
- Is Affordable,
- Compensates employees equitably, and
- Provides that “I’m paid a little more than I deserve” feeling.
Our Street-Smart Wage & Salary Program meets all 3 of these objectives!
Our common sense approach to compensation encompasses the following steps:
1. Along with the assistance of a HR Consultant from Lukesh Consulting Group (LCG), the executives of the company will select the Anchor Jobs of the business to benchmark. The Anchor Jobs are those key or strategic positions in the company which represent the core competencies and competitive advantages of a business.
2. Based on the extent of benchmarking the company wishes to undertake, LCG will benchmark the Anchor Jobs using available public and private data from:
- Local to national data sources,
- Within and outside the company’s industry, and
- Similarly sized organizations as well as larger and smaller companies.
3. After benchmarking, LCG will assist the executives in identifying the compensation philosophy that the company desires to maintain in order for the Anchor Jobs to remain competitive in each geographic territory (i.e., local, regional, national) within which the company needs to recruit and retain these strategic positions.
4. Using a numerical weighting system developed by LCG, the executives of the company will quantify the level of effort, skill, responsibility, and working conditions of the Anchor Jobs. This information is usually gathered from job descriptions as well as the knowledge the executives have about the positions.
5. Using the same numerical weighting system, the executives of the company will quantify the level of effort, skill, responsibility, and working conditions of selected Non-Anchor Jobs of the organization.
6. LCG will create Pay Grades with Minimums, Midpoints, and Maximums for all positions. Additionally, based on the benchmarking data and the results of the numerical weighting, LCG will place each position within a Pay Grade. LCG and the executives of the company will then determine the final placement of each job within a Pay Grade.
7. LCG will create a Managers Compensation Manual for administering the compensation system, which includes:
- Techniques for hiring new employees to prevent compensation problems.
- Tactics for describing the program to employees.
- Tools for describing the Maximum of a Pay Grade and how benchmarking works.
- Strategies for handling geographic differences in compensation for the same position.
- And much more…
8. LCG will recommend to management a system for providing salary increases to employees that is based on objective and observable performance as well as company financial performance, rather than traditional, subjective merit increase programs.
9. LCG will introduce strategies to management for appropriately rewarding the “Stars” of the organization that is objective and applicable to other employees if the other employees produce the same level of performance.
10. Training of managers in administering and communicating the Wage & Salary Program.
Your investment for LCG to implement this Program for less than 15 specific job titles in a distinct geographic region for your company is:
Non-Members: $2,375.00
Members: $1,425.00 (40% Discount)
>> Back to Products, Solutions, and Pricing