Salary structures can help you navigate the compensation implications of Covid-19

The economic impact of Covid-19 is feeling throughout the economy and market rates for compensation will change quickly as the recession continues to develop. The implementation or modification of current salary structures can help simplify the payment of the groups and facilitate the determination of where the adjustments are needed.

Salary structures ensure that the payment levels for the working groups of their organization are externally competitive and equitable internally. Simplify the fair price and market price analyzes, which facilitates the evaluation of your payment in job groups and keep updated payment programs as conditions inside and outside your business in response to the Covid-19 pandemic.

How to build fair salary structures

No type of wage structure will be adjusted to all commercial needs, and in some organizations, multiple structures will be needed to effectively manage the payment of all jobs.If it is new to build salary structures or simply work to improve your exipiedle, it is important to consider:

the complexity of your organization types of salary structures to use it to model and test the salary structures of the structures, familiesof work that are emerging and / or changing rapid salary structures

simplify the evaluation process. Payment through job groups and ensure that payment stays are fair and equitable as conditions inside and outside the change of theCompany.And can provide a solid compensation framework for your business. Our white paper \”building and analysis of salary structures\” covers the steps to take and the technological solutions to consider when creating the wage structure of your organization.