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Jon explains the basics of the EU Pay Transparency Directive in less than 10 minutes - what is it and what does it mean for your as a Rewards Specialist.
This video evolves around the purpose and background of the EU Pay Transparency legislation.
This video contains some of the technical aspects of the directive and its implications for the companies.
In this video, Kira shares her throughts on some of the more practical implications of the Directive.
These articles are written by our Reward Specialists in the hopes to inspire you in your daily Reward work. If you have comments, questions or topic ideas, please send us your thoughts at hello@nordicrewardpartners.com
What are the implications of the EU Pay Transparency Directive on your work as a Reward Specialist? This article attempts to answer that question through mapping the various elements and their relevance for our field.
In this article, Jon discusses how your Reward Philosophy and strategy can make a real and valueable difference for your organization and the bottom line.
This article takes you through the basics of how to ensure pay transparency – the precondition for workplace equity – which enables you to take better and more disciplined salary decisions.
The discussion in this article is meant as an inspiration to beware of the "Pay Premium" trap and provides an alternative salary strategy that may work to prevent the pitfall that may occur, when talent scarcity drives market values up.
These are specific real-life Reward projects from European companies, representing best practice examples and hopefully providing inspiration for your own Reward work. If you have questions, please reach out at hello@nordicrewardpartners.com
The Problem
Years of mergers and acquisitions had caused significant inconsistencies in the senior and executive title structure at a large international financial enterprise.
The client needed a thorough clean-up of their title structure, addressing issues of legacy and inconsistencies as well as varying governance in titles, pay and benefits across subsidiaries, to ensure a fair and transparent pay structure going forward.
The delicacy of the situation needed to be reflected in our recommendations, because the needed clean-up inevitably would lead to frustrations and disappointment for some.
The Solution
We analyzed the current title structure to identify inconsistencies and mapped the background of these - legacy, cross-border inconsistencies, and insufficient governance. We presented three different solution scenarios incl. pros and cons and recommendations on how to address the underlying issues to prevent similar future problems.
The solution built on creating a neutral grading structure ensuring equal treatment, and which could form the foundation for a job architecture for all the company. It also incuded the introduction of business titles describing what the role does and which could be freely defined by managers to reflect roles within the guidelines.
The Result
With the analysis and recommendations in hand, the client could initiate the critical clean-up work and begin their journey of cultural change.
Our scenarios enabled the client to make informed decision on the future of their Executive Title Structure and job architecture to ensure alignment and equal treatment. including compliance with the upcoming pay transparency legislation.
We are here to support you with any Reward-related issues you may be facing, whether it's specific projects or an interim helping hand while you fill a chair.
Reach out for a non-obligating chat about the possibilities.
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