Creating a reward strategy
Creating a reward strategy is high value but not easy, which is probably why just 50 per cent of organisations have an established reward strategy in place.
However, a reward strategy can be a simple, straightforward model for many organisations. A model that can be defined by a process we call ‘setting the direction of travel’.
By involving your senior management team, line managers and employees (if appropriate), we generate a balanced perspective on pay, often raising questions like ‘Should you be rewarding on a team or individual basis?’ and ‘Are you paying for the ‘how’ an individual performs their job or the ‘what’ of their results?’
This exercise invariably features at the start of reward strategy development. It acts as a key reference point for future decisions on pay and performance philosophy, helping ensure the reward strategy you create effectively retains, motivates and manages talent.
For an example of where we have worked with a client in this area, please see the following Case Studies : Currys/Dixons and Message Labs
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For further information about creating a reward strategy, please contact us or call us now on 0207 268 3664.
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