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+61 2 9199 4523
E-MAIL
team@taylorwells.com.au
LOCATION
Level 8, 65 York Street Sydney 2000

Finding the measure
on compensation for
pricing professionals. 

SALARY BENCHMARKING

THE SITUATION

If you Google “how much are pricing managers paid?” you will get about 2.11 million results. Clearly somebody has been giving this question some thought. But perhaps a better question would be, “Why is the salary range for pricing managers so wide?” The pay for pricing managers varies so much because of two main factors: Organisation design (i.e., how they've been set up and positioned in the business) and individual pricing capability (i.e, their personal ability to generate significant and sustained profit value using their expertise and leadership). 

INSIGHT

Our point of view

As responsibility takes on a whole new meaning now businesses are trying to balance the welfare of their people with keeping their businesses afloat,  how can organisations strike the right balance with pay and reward pricing managers in the best way possible?

Q & A

Your questions

QUESTION 1:

What impact has the crisis had on pricing salaries and incentives plans?

ANSWER 1:

The recent crisis has interrupted supply chains, delayed projects, and forced millions to work from home. But in the area of pay, it’s a far trickier impact that so far remains a moving target. Our salary data and insights in the market indicate that a small percentage of companies are starting to make small salary adjustments in response to the declining economy. Others are considering performance target adjustments. But the majority of businesses have not altered pay at all, and are waiting to see how the economy and business plays out in the next 9 months.

ADVICE

How can we help you

As the economic and social impacts of the crisis continue to impact Australian organisations, salary reviews may need to be considered for remuneration arrangements – including possible adjustments to base salaries, modifications of annual incentive plans, and compensation tied to team or longer-term organisation performance. Working with executives and HR, we support organisations swiftly and effectively to adjust to “now” and develop the right salary structures for pricing departments.

In crisis situations companies run the risk of focusing on short-term headcount reductions. But, removing the wrong roles or people or cutting too deeply into areas that drive significant profit value or governance, will not only damage productivity, but have serious and direct impact on bottom line profitability and future growth. We will help you with cost optimisation by looking at team inefficiencies while driving profit maximisation by create new roles that fulfil mission critical value drivers in your strategy. We identify roles with the strongest impact on executing strategy and realign talent to the future of pricing work, before identifying ways to reduce human capital costs. 

 

One of the most important characteristics of this crisis is the unknown. Whether your major stakeholders are consumers, patients or customers – their future patterns are much less clear than they have been in the past. But, while you can’t predict future stakeholder behaviour, you can build an organisation that is quick to make decisions and to execute, and that is collaborative and agile in its approach – to respond to changing needs and demands.

We will work with you to re-design your organisation to do just that. Some of the ways in which we typically support organisations to create more agile structures are:

  • Optimising and minimising the number of levels in hierarchy.
  • Grouping different function with similar and highly interdependent capabilities together
  • Dividing work into project and process work so that both can be done more efficiently and in a more agile way
  • Creating bigger and more versatile teams, built around end to end accountability.
  • Building smart teams that are diverse and inclusive so that you can get many brains on one problem
  • Defining and engaging the ecosystems around your organisation to improve collaboration inside and outside of the business.

We are and have been tracking pricing team salaries, reward amounts and practices in the current environment. Leveraging our surveys on pay and rewards, we help you bench mark salaries using our consulting experience to offer an up-to-date summary of trends and practices in pricing and revenue management departments. Data is available by sector, geography, and employee level as well as tailored to reflect the considerations of local geographies and country.

RESEARCH

Pricing Insights at your fingertips

In our hands it’s more than just data. We use it to build the DNA of outstanding pricing leaders, effective organisations, high performance cultures and game-changing reward and teambuilding programmes. In your hands it can continue to inform smarter pricing and people decisions backed by more than 1 million data points, including:
– Over 7,000 thousand assessment results
– Hundreds of employee engagement survey responses
– Rewards data for thousands of employees across hundreds of organisations and UK, EU, USA, CH, SA, AF, ANZ.

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CASE STUDIES

Our thinking & approach

Talk to an expert

GET IN TOUCH

Questions? Call 02 9199 4523 To speak to a Taylor Wells representative or complete the form above.

ADDRESS

Level 8, 65 York Street
Sydney 2000

E-MAIL

team@taylorwells.com.au

TELEPHONE

02 9199 4523

WORK HOURS

Mon. - Fri.: 9AM - 5PM