In today's competitive business landscape, attracting, retaining, and motivating top talent is crucial. Here's how a combination of job evaluation and remuneration software can empower your organisation to gain a unique advantage:

Job Evaluation: The Foundation of Fair Pay

Systematic Ranking: Job evaluation methods provide a systematic way to assess the relative worth of different positions within your organisation. This ensures internal equity, meaning employees with similar responsibilities are remunerated fairly.

Market Competitiveness: Job evaluation goes beyond internal factors. By considering market data, you can establish salary ranges that are competitive with what similar roles pay in your industry and location. This helps attract and retain top performers.

Transparency and Trust: A well-defined job evaluation system fosters transparency in your remuneration structure. Employees understand how their pay is determined, leading to greater trust and satisfaction.

Job Evaluation Methodology:

Strategic Pay’s SP10® Job Evaluation Methodology has been specifically designed in New Zealand, meets the current New Zealand Standard on Gender inclusive job evaluation (NZS 8007:2006), and has recently been updated to capture cultural competency.

Strategic Pay’s nation-wide team specialise in helping organisations implement effective job evaluation systems that align with their unique needs and are backed by the largest remuneration database in New Zealand and the South Pacific, and are experts in:

• Grading structure selection: Guiding you in choosing the most appropriate job grading structure for your organisation, considering factors such as size, industry, and organisational structure.
• Data collection and analysis: Working closely with you to gather and analyse job-related data, ensuring a comprehensive and accurate assessment of each role's value.
• Job evaluation implementation: Providing expert guidance in implementing the job evaluation system, ensuring a smooth transition and ongoing support for your team

Remuneration Software: Streamlining Complexities

Data-Driven Decisions: Remuneration software helps gather and analyse data on job roles, salary benchmarks, and employee performance. This empowers data-driven decisions when setting salaries and designing reward programs.

Compliance and Governance: Managing remuneration involves adhering to various regulations. Remuneration software helps ensure compliance and maintain a robust governance framework for remuneration practices.

Total Rewards Strategy: Effective remuneration goes beyond just salaries. Remuneration software can help you design a holistic "total rewards" package that includes benefits, bonuses, and other incentives, fostering employee engagement.

Scenario Planning and Modelling: With remuneration software, you can model the financial impact of different remuneration strategies. This allows you to make informed decisions considering your budget and business goals.

Effective Remuneration Software:

Founded in 2002, ELMO is the trusted HR software provider to over 3000 organisations across Australia, New Zealand and the UK. They’re on a mission to release HR’s full potential, through software automation, analytics, and world-class customer support.

One of ELMO’s many solutions is their effective remuneration software which offers:

• Streamline processes: Seamlessly manage complex remuneration structures, including discretionary bonuses or intricate short-term incentive and long-term incentive plans. Identify bottlenecks, with clear visibility of the entire remuneration process.
• Rule-based modelling: Automate the process with rules-based controls, reducing bias and aligning decision-makers with your key remuneration incentives. Decision makers can easily generate accurate and authorised remuneration letters for distribution.
• Real-time reporting: Access comprehensive reports in real time for all roles within your organisation. Empower managers and employees with approval and moderation controls, accompanied by real-time budget impact reporting. Analyse the gender pay gap across your organisation.

The Synergy

Job evaluation establishes a fair and competitive pay structure, while remuneration software streamlines its implementation and ongoing management. This combined approach ensures you're attracting and retaining top talent while staying compliant and cost-effective.

Key Takeaways:

• Invest in a robust job evaluation system to accurately assess job worth.
• Leverage remuneration software to automate tasks, improve data visibility, and make informed decisions.
• Consider a "total rewards" approach that goes beyond just salaries to keep employees motivated.

By effectively managing remuneration, you can build a strong employer brand, boost employee morale, and achieve your organisational goals.

Contact Strategic Pay and ELMO today to discover how they can help you create a workplace where every individual feels valued, recognised, and empowered to achieve their full potential.