Without a competitive pay structure, companies struggle to attract and retain top talent. Staff turnover is expensive, and with remuneration typically representing one of the largest financial investments an organisation will make each year, it is imperative that organisations get it right.
Fact based insights to help you make informed decisions
Aon Hewitt's reward team relies on its fact based methodology to help clients design, develop and deliver effective reward programs that establish a direct connection between the organisation's goals and objectives and an employee's focus and actions.
At Aon Hewitt, we not only analyse market remuneration data sources, we interpret the results in the context of our clients' current and preferred competitive positioning.
Aon Hewitt produces over 30 industry-specific remuneration surveys a year. Armed with extensive and up-to-date market data for different sectors and job families, we customise competitive pay analysis depending on the size, need, objectives and resources of your organisation.
Flexible or customised solutions
Aon Hewitt can assist you as much or as little as you would like in your remuneration benchmarking exercise, drawing from our experience, and wealth of market data. We can conduct competitive pay analysis for executive teams, strategic job families, an individual role or for the whole organisation.
Leveraging fact based insights from the largest remuneration database in Australia, experienced Aon Hewitt consultants will develop a deep understanding of your organisation and the market in which you are operating. In determining your current and preferred competitive positioning, we will assist you in selecting the right peer group and market positioning.
Our customised approach will help you gain a clear understanding of your organisation's market position and the competitiveness of employees' remuneration packages. We can identify employees in your organisation who are remunerated at a rate far higher, or lower, than the market norm. If required, we can offer solutions to close any gaps related to such practices and determine the cost to company to implement these recommendations.
Get remuneration right
Aon Hewitt's advice can help your organisation with:
- market positioning: factors to consider when positioning the company-wide pay policy
- fixed pay and benefits: types of flexible benefits applicable to job families and sectors; prevalence, cost and value of benefits
- industry-specific reward information: such as in the mining and resources sector, where rosters and allowances are critical to a successful reward strategy
- short and long-term incentives: type and prevalence of incentives, job family and employee group-specific incentives and sector-specific practices
- pay mix: the proportion of fixed pay and incentives within the total pay mix and variations depending on employee groups and job families
- strategic and customised analysis: depending on the needs of your organisation we can design, develop and conduct special diagnostic analysis to find out more about the relationship between internal pay and gender equity, age, seniority or other factors within your organisation.