A pay structure is a series of grades showing each grade’s minimum, midpoint, and maximum salary. What anchors the pay structure is that jobs have been adequately evaluated and put in grades. The grades show the relative value of jobs to the organisation. A pay structure can be developed based results of a job evaluation.
Introduction Financial wellness is something that everyone strives to achieve. Being in a position close to financial freedom can alleviate many stresses that may come tied with financial burdens. With the growing need for everyday living, financial wellness is not as easy as it was before. Student debt is growing and the cost of living
Deciding what to pay Non-Executive Directors is not an easy task. The Executive Management and remuneration committee members need to be careful when recommending NEDs fees. The likely impact of paying your Non-Executive Directors below general market practices is that they will rarely commit themselves to the business of the organisation. The dilemma is that
Getting a new job is exciting. Most people become stuck when they are asked to come and negotiate a salary package. Most people are unprepared to negotiate for a pay package even if they are on a job hunt. Once you get a job offer here are some of the hints you need to take
The income for executive levels surpasses their estimated basic living costs by $12,675 per month. With that amount left after basic living costs, they remain in the best position of their households. The NEC employee does not meet a basic standard of living. The gap between the NEC employee’s income and expenditure means they will
The total compensation of CEOs is defined as the total sum of salary, bonus, non-equity incentive plan compensation, stock awards, and option awards. As a way to eliminate actuarial value changes, nonqualified deferred compensation and changes in pension value are excluded from the summation of total compensation (Knowlton, 2018). CEO compensation is determined by several
The Zimbabwean economy has made a turn in the wrong direction once again, and most employers and employees are now reliving the horrors of the 2008 hyperinflationary environment. The cost of living is going up on a daily basis, while employees are struggling to make ends meet with current earnings. While most employers have made
Most companies with sales staff tend to offer sales incentives in the form of commissions or other forms of incentives. The key question to ask for every business running such scheme is: Does paying incentives increase sales? If your answer is yes do you have enough proof to back this assertion? Here are the reasons
Whatever amount you decide to pay an employee new or one who has just been promoted bring risk to your business. The risk is that the individual may fail to deliver while you have tied the organisation into a high-cost structure. The euphoria of getting a new person on board sometimes works against good principles
The cost of living is the amount of money needed to sustain a certain standard of living by affording basic expenses such as housing, food and healthcare. Cost of living is often used to compare how expensive it is to live in one city versus another. For both Trade Unions and Employers, the cost of
