3P Compensation Consulting
Consulting
3P COMPENSATION BUILDING
3P Compensation is a system designed to pay salaries according to employee’s merit and performance in order to create fairness, encouragment in company helping each employee maximize his abilities in works, contribuiting to company development. 3P Compensation system consulted by BrainMark is built according to international standards, however, customized to fit with companies operating in Viet Nam.
- P1 – Position – Pay for position
- P2 – Person – Pay for Person (Competency- based pay)
- P3 – Performance – Pay for performance
- Building competency framework, pay rates
- Converting out-of-date compensation system to 3P compensation system
BrainMark has been providing 3P compensation service to many foreign and local companies in Viet Nam which has successfully applied in their business. 3P Compensation system designed as follows:
Part 1: P1 – Position – pay for position
- Reviewing and advising organizational structure
- Determing job title list
- Analyzing job description
- Building job qualifications according to position
- Developing an equitble grading structure based on job title
Part 2: P2 – Person – pay for person
- Building general competency, core competency, management competency, technical competency
- Building competency framework with standards- based grading
- Preparing competency questionnaire
- Evaluating competency for employees
- Applying competency evaluation software
Part 3: P3 – Performance – pay for performance
- Setting company and department strategic objectives
- Setting personal targets
- Building personal KPI
- Setting compensation & bonus plan according to month/ quarter/ year
Part 4: Building pay structure, pay rates
- Designing pay structure, pay rates for company
- Building compensation & bonus policy
- Interviewing personnels for appropriate pay arrangement
Part 5: Implementing 3P compensation system
- Matching pay structure, pay rates to employee
- Mock applying 3P into system
- Fulfilling compensation & bonus policy
- Planning to apply the new system
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BrainMark Consulting & Training
596 Nguyen Dinh Chieu St., Ward 3, District 3, HCMC, Viet Nam
Hotline: 0909 363 363
Email: consulting@brainmark.vn