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Cloudy Day Software Compensation Paper

775 Words4 Pages

Purpose
Cloudy Day Software maintains and administers a compensation program that will attract, reward, and retain a well-qualified workforce. As an employer Cloudy Day Software recognizes that fair compensation for its employees is paramount to the success of the organization and its ability to achieve strategic objectives. The program is based on internal alignment, external competitiveness and employee contributions. The compensation program design is intended to encourage individuals to grow professionally in terms of skills and experience as well as in support of organizational objectives. The program will be continually evaluated and revised to achieve that objective. The basis for the compensation system will be to determine the current …show more content…

Jobs with similar responsibilities as established by job evaluations will be paid based on grade/salary ranges. Comparable education and skills will result in comparable rates within the grade range. Annual increases will be based on merit as determined by performance evaluations and awarded according to the merit increase matrix.

Compensation Criteria
Grades and salary ranges will be derived from local and national survey data. The market data will include survey data from our major competitors and from similar job titles. The system will determine internal alignment which is the value of the position as it relates to achieving organizational objectives. The system will also examine external competitiveness, which is the value of the position in other organizations. Professional consultants will be used to evaluate the compensation system and provide recommendations regarding the administration and management of the program.

Market …show more content…

Management and supervisors will be responsible for conducting annual performance appraisals and submitting completed appraisals to Human Resources.

Establishment and Use of Job Descriptions and Job Families
Job descriptions are available for review for all positions. Job descriptions identify minimum requirements, reporting relationships and essential functions for the position. The job descriptions are used for job classification and the creation of job families. Job descriptions are developed based on departmental and organizational needs and similar job titles from market surveys. Job descriptions will be reviewed annually for accuracy. They will be used as part of the annual performance appraisal process and as a guide to establish any necessary training programs for the position.

Market Survey, Pay Grades and Salary

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