What is remuneration?
Consider the following situation: one of your employees approaches you and asks for a raise. Having been with your company for several years and having consistently met KPIs, they ask for a review of their remuneration. They also claim that other companies are currently paying high salaries for similar jobs. How do you respond to this request? On what basis are you going to review their salary and benefits? And perhaps most importantly, how do you know what you should pay staff?
Before answering these questions, it is useful for us to define remuneration. Managing remuneration (what an employee receives in exchange for their work) is more than just deciding what to pay employees. Your company’s remuneration plan should be linked to your overall business strategy and your goals for your company. If you want your company to become an industry leader, an effective remuneration and benefits strategy will play a large part in attracting and retaining the highest quality employees. Unfortunately, many small-medium businesses fail to see employee remuneration in this way.
Owners and managers of these businesses are often unsure of how to pay employees and on what they should be basing their remuneration decisions. They feel ill-equipped to manage remuneration and employee benefits. As a result, pay increases are often given without justification and without industry benchmarking - both of which can be dangerous outcomes for small businesses. However, these dangers can be mitigated by using well-planned and carefully calculated remuneration strategies.
Why you should use Beyond HR to assistance with remuneration
Beyond HR has provided remuneration advice for small-medium businesses across Australia. During these experiences, we have learnt the importance of working together with owners and managers in order to develop appropriate remuneration strategies.
To determine the right strategy, our HR consultants will talk to you and your staff to better understand the unique needs of your business and its employees. Once this understanding has been gained, our experts will help you by filling in any gaps in your knowledge and skills in reference to remuneration. They will use this information, together with their knowledge of legal issues and industry standards, to develop your remuneration and benefits plan. We will also develop a total rewards approach and employee value proposition to help compete in other areas. If appropriate to your business, we can also design incentive/commission schemes for sales staff. Essentially, our agency will do all it can to develop, implement and support a remuneration strategy that will work for your business and its employees.
What makes Beyond HR different?
We have made our name as a bespoke HR consultancy that carefully considers the specific needs of its clients. Whereas as other agencies apply a one-size-fits-all approach to remuneration, Beyond HR is all about providing tailored HR advice for you and your business. Our specialists understand the nuances involved in determining remunerations strategies; they understand that payment structure for staff member needs to be assessed individually yet developed with your overall business goals in mind. Our consultants have seen the results of their previous work and they understand the benefits this HR service can provide for SMEs.
Beyond HR is not about hiring staff simply to fill a need and nor do we recommend tokenistic pay increases. Instead, we are about providing unique, specifically tailored human resources services. Your Beyond HR consultant will not stop until you and your staff have a remuneration strategy that best suits your needs and benefits your entire business. Furthermore, we will be there to guide you until you feel confident in your own human resource management ability.
Located Australia wide, our clients are based in all states and major cities including Melbourne, Sydney, Brisbane, Perth, Canberra, Hobart and Darwin. Contact one of our Beyond HR consultants today to find out inquire about our uniquely personal approach to human resource management and how it can benefit your business.
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