Pay and Benefit Strategy
Labor costs are usually an employer’s largest or second largest expenditure. However, in many cases, companies that dedicate significant resources to marketing strategy, sales, product development, etc. do not dedicate resources to defining their remuneration strategy.
Zviran assists organizations in designing a Pay and Benefits Strategy which address aspects such as:
- Compensation and benefits position relative to the market – should we pay over/under the market? In what areas will we lead the market, and in which will we lag behind?
- Which market is the most appropriate one for the employer to compare itself to? How should it be defined?
- What variance does the employer want between different business units, countries, types of positions, hierarchical levels, etc.?
- To what extent should remuneration fluctuate in accordance with business conditions (good vs. bad times policy)?
- How can the employer be attractive to applicants, considering expected business needs (e.g. attractiveness to the Millennials)?
Services in this area include developing remuneration Pay and Benefits Strategy while presenting various alternatives and associated costs, supporting decision-making process, communication to employees and managers, and practical implementation of the policy for base salary, bonus and incentive plans, equity-based compensation, and more.
Zviran has the unique experience and capabilities to guide companies through these matters, starting at the strategic level, through specific plan design (bonuses, equity-based compensation, pension plans, and the like), including the operational and administrative level.
The discussion is concrete, based on the unique market data that Zviran can provide and incorporating aspects of cost, labor relations and internal communication.