Reward Strategy articulates the direction an organisation wants to travel in aligning its reward structures and processes with business objectives.
Why you might need help
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. Even where organisations have a strategy in place, we often find that it no longer supports the needs of the business or is locked away in a drawer and never used. Developing a reward strategy that supports the business can be simple and straightforward, forming a basis for all subsequent reward design activities – we call this process ‘setting the direction of travel’.
How we can help you
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?’ Throughout the strategy development, we probe and challenge views, provoking debate amongst the team around organisational/cultural ‘DNA’ – what type of an organisation are we and how can we use reward to drive and support desired behaviours?
The positive results you will see
The outcomes are a reward strategy that has been fully debated and agreed by the senior team. 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. It describes your position on base pay, bonus, benefits, recognition and performance.
Understanding the messages reward sends