2024 is a significant year for Strategic Pay as we celebrate 30 years in business. This is a major milestone for a New Zealand owned and operated organisation and it has been our privilege to partner with our clients over this 30-year period.
Strategic Pay’s been supporting Bay of Plenty businesses since its inception in 1994, with its founder Dennis O’Callaghan having close ties to the Tauranga region. In 2016 our Bay of Plenty office was opened by our current Managing Director, Cathy Hendry and has continued to grow the with the addition of Senior Consultant, Dayna Hendry in 2021.
While the name may suggest we are involved in payroll, Strategic Pay is actually a remuneration consultancy that provides organisations with tailored and detailed advice on appropriate pay rates for their employees. This includes simple benchmarking through to job sizing, senior executive packages, incentive design, full organisation banding models, director fee advice and gender/ethnic pay gap analysis.
Our point of difference is twofold; firstly, we have the most comprehensive and extensive remuneration database in New Zealand. This covers over 300,000 individual roles and includes full package information including benefits and incentive pay. The database is based on job sizes rather than just title matches, meaning organisations can have confidence they are aligning roles to appropriate matches.
Secondly, we have robust job sizing methodologies which allow us to benchmark any role, no matter how unique, by focusing on job content rather than potentially misleading job titles.
As New Zealand’s largest remuneration consultancy, we have long-serving, highly experienced consultants who understand the market and how to structure remuneration policies that can attract and retain key talent. We understand that local knowledge is key, and we ensure that we have a strong understanding of the industries and organisations we support.
An appropriate remuneration policy is a critical part of an organisation’s strategy. Typically, employee pay is the largest, or one of the largest costs for businesses, and the cost of getting it wrong can have significant ramifications.
If you are paying too far above the market for roles, you may have unwittingly added unnecessary costs to your business and created ‘golden handcuffs’ for your staff. If you are paying below the market for your roles, you could be open to losing critical skills that are difficult to replace, particularly in the senior or specialist area.
While seeking advice on remuneration or setting up a remuneration structure may sound like something only large organisations need to consider, you might be surprised to hear we support organisations of all sizes, from one-man bands right up to large multinationals.
Often, we are engaged when an organisation has experienced significant growth or has moved from a family business to being more commercially orientated. A remuneration specialist can provide unbiased and sound advice based on accurate and up-to-date information, giving you the confidence that fair and equitable pay rates are being set for your staff.
To find out more about our offerings or to speak to one of our local specialists, visit www.strategicpay.co.nz
