Reward Strategy
Organisations and their employees rely on policies and procedures to balance and support their requirements. Reward policies are shaped around the ability to train, recruit and retain the talent required in order for an organisation to full-fill their business objectives.
“Establish digital guardrails that ensure reward decisions are fair and that processes and outcomes are transparent and judgements are reviewed to check they have been correctly implemented.”
Pre-requisites to consider for practices that will guide strategy formation should include:
This will better help guide the exploration of designing better pay structures and progression arrangements that ensure the values, performances, behaviours and the adoption of new technologies and practices which are required for optimal business functionality are rewarded and recognised.
Position variable income carefully against basic pay to promote appropriate employee performance and develop a pay policy that can compete with the current market value in order to recruit and retain top talent. Also establish digital guardrails that ensure reward decisions are fair and that processes and outcomes are transparent and judgements are reviewed to check they have been correctly implemented.
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