Paying for what matters in the new world of work
The rapid transformation of the global workplace requires organisations to rethink how they compensate employees and create frameworks that enable them to attract and retain talent and optimise HR spend. They must simplify complex pay decisions and prioritise factors that include rewarding skills that help meet future objectives, compete effectively for coveted talent, recognise the growing global movement to establish gender pay equality and ensure that top performers are adequately rewarded for their contribution.
In today's challenging environment, how can you meet these disparate and imposing demands?
An impactful compensation strategy and design can place you in a position of strength and provide a clear vision of the future. But how do you get started? By taking an unvarnished look at your company's existing Total Rewards strategy and how it aligns to your organisation's strategy and vision of the future, and then by designing a compensation programme that delivers the right compensation to the right employee segments in the right way.
Getting compensation right starts with the right strategy
Incisive compensation strategy employs a creative, yet disciplined, approach to pay management, aligned to your Total Rewards strategy and talent value proposition and enables you to attract, retain and engage talent and drive the right behaviours.
Our approach and process sets the context using our metrics tools and analytics to:
- Document your current plans and assess their effectiveness
- Carry out a market analysis with industry and peer group analysis
- Identify options and opportunities for change
- Model the impact of change
- Develop an effective change management and communication plan
The right compensation design for the right employee segments
With a strategy in place, together we can develop compensation plans that make sense for your organisation and critical employee segments including executives and employees across four key elements.
- Base pay
- Short-term incentives (STI)/bonus pay
- Long-term incentives (LTI)
- Recognition and other programmes
Supported by our robust compensation data, job levelling and architecture, and a framework that incorporates pay delivery, assessment and calibration, programme governance and enabling technology, we help you get compensation right in the new world of work.
Why WTW?
WTW's unique combination of consulting expertise, data, analytics and software empower the design and implementation of tailored, cutting-edge compensation solutions to propel your organisation forward.
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Unparalleled analysis and insights
Deep expertise across jobs, work, rewards and talent analytics
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Communication expertise
Award-winning communicators that excel in helping organisations navigate change and employees understand the value of their rewards
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Market-leading data capabilities
Market-leading data that enlightens decision makers by providing insights on compensation trends
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Experience with fair pay analyses
Over 30 years of experience conducting equal pay audits and fair pay analyses including gender pay gaps and solutions as well as crafting succession management and fair recruitment plans
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Sales effectiveness and rewards
Expertise to help you develop sales talent management and reward strategies that align with the unique growth needs of your business
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Job levelling expertise
Job evaluation and levelling tools and knowledge addresses essential business needs: attraction, engagement and retention of key talent; cost and risk management; and governance of reward and talent programme delivery
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Compensation software
Interactive benchmark data, competitive benchmarking, global job levelling, compensation programme design and robust reporting and analytics help you attract and retain the right employees while optimizing your compensation spend
