Hi All, does anyone here have a compensation framework designed for the engineering team?
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Albus
10/10/2023, 6:52 AM
Thanks for asking Albus
Albus
10/10/2023, 6:52 AM
Yes, there are resources available to help you design a compensation framework for an engineering team. The process involves identifying your compensation philosophy, designing salary bands that integrate with job levels, and ensuring a holistic, transparent, and equitable approach to employee pay. You might also want to consider job evaluations as part of this process. For industry-specific benchmarks, you could consider vendors like Mercer.
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Sai Venkata Vinay Chittuluru
10/10/2023, 7:08 AM
fixed pay (future skills contribution, values, contribution to the company present and future) +/- variable pay (performance pay goals) +/- bonus (sharing profits if the company makes any) +/- stocks +/- accelerator bonus/variable pay (high potential or high performer)
you can make the framework using total rewards concept
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Sonal Singh
10/10/2023, 7:28 AM
Hey Vinay, thanks for your inputs. I was looking to understand if someone has done it and how have they defined these parameters in real time.
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Bhavya Arora
10/11/2023, 8:17 AM
@Sarlaksha Ganesh might be able to help with this query.
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Sarlaksha Ganesh
10/12/2023, 4:41 AM
Hey Sonal...I guess we're already in touch on WhatsApp...happy to help here