Rewards benchmarking
How does your purchasing organisation compare to best practice?
What pragmatic steps do you need to take in the medium to long term to improve?
Product definition
A unique methodology to evaluate the total ‘rewards packages’ of all levels of purchasing staff, compare these to the extensive PMMS database and advise the client on the competitiveness of its rewards package with the marketplace.
Background
As a result of extensive research with both existing and new clients, PMMS has a comprehensive database of the rewards packages associated with over 70 purchasing related jobs – from head of function to assistant buyer – across many major UK companies. Some companies for which we have undertaken rewards benchmarking include Amerada Hess, BBC, Boots, Caradon, Severn Trent Water, Blue Circle, Environment Agency, Orange, Norwich Union, The Halifax Building Society, The Royal Bank of Scotland, Whitbread and Telewest.
Rewards packages includes:
- Base salary
- Bonus payments
- Regional allowances
- Company cars
- Pension arrangements
- Health insurance
- Holiday entitlement
- Share options
- Other company specific benefits (e.g. ‘free’ or discounted products)
Deliverables
This PMMS approach will provide the client with:
- An analysis of the relative size and complexities of its procurement related jobs from head of function to assistant buyer.
- A comparison of how the client’s rewards packages for these jobs compare with the external marketplace and, hence, an analysis of the relative competitive position of these rewards packages.
- Guidance on actions to ensure that the client’s rewards packages are appropriately positioned versus the marketplace in order to be able to attract and retain high quality procurement professionals.
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