Setting the Pay Level
AIRINC Salary Evaluation Tool
Assessing the local salary structure before making an offer can improve your rate of retention and attraction. For example:
- Domestic transfer: A move from Charlotte to New York City with a $100,000 salary, what salary level would you require to maintain a similar purchasing power after cost of living, housing, taxes, etc. are taken into account in a select location?
- International transfer: In addition to gross salary differences, what are the income tax and cost of living considerations? Do you use home, host or other type of salary?
Managers can benefit from this information to assess any opportunities to proactively address any compensation challenges and increase the success of the employee accepting a transfer.
In this new environment, employees work where they live, not live where they work. Therefore, a strategically aligned rewards philosophy is important so that your pay methodology is clear for in-office and Work From Anywhere workers. It is imperative to establish a process for setting pay, as it will assist in ensuring pay equity and fairness relative to others.
See how the Salary Evaluation Tool works
Global Reward Index Calculator
Quickly and easily calculate global allowances using price ratio cost of living data!
Many companies offer compensation allowances in addition to salary, and want these to equate globally.
The Global Reward Index Calculator can help you establish globally equitable allowances for:
- Remote work
- Wellness
- Fitness
- Small performance awards
- Cash
- Bonus / stipend
The calculator uses a cost of living index to adjust your global values and can translate these into an easy to use global reference for quick, simple and transparent calculations.
Assess Geographic Pay Differences
When adapting or maintaining regional salary structures, access to cost of living data can help you determine geographic cost differences within your salary structures. Cost of living data is increasingly being used to assess where costs differ, helping to inform decisions on differentiating midpoints across multiple salary structures. With this growing need, AIRINC provides our Geographic Differential Index (GDI) to replace or supplement your market data in this assessment. The GDI provides you with a thorough, researched, and comprehensive database of cost of living indexes by city on a global basis. You can use the GDI to deliver a more streamlined review of your geographically differentiated salary structures, slot cities into an existing structure where market data
is scarce or even non-existent, and plan for remote workforce needs.
The GDI includes considerations for:
- Goods and Services
- Housing
- Income Tax
Let’s Talk!
Find out how we can help you establish or enhance your global mobility program.
Contact us today and an AIRINC consultant will connect with you as soon as possible.
