Reward Strategy Consultancy
Finding the right reward strategy is not just about pay. Getting pay right is only part of the equation.
Getting pay (compensation) right is important. Ensuring your business pays appropriately, and tackling such issues as equal pay are all vitally important.
However, take home pay is not the only thing that motivates an employee – the right reward strategy will help make your employees feel valued and can be used strategically to incentivise your business priorities. We call this the ‘total reward model’.
Here’s just some of the aspects of reward you may not have considered:
Reward Audit – Identifying behaviour you want to reward
Putting a reward strategy in place means analysing your business and people objectives, work culture, performance and organisational values to identify what matters most to you. We call this a reward audit.
A reward audit will give you a clear starting point to consider these factors. Then, you can strategically determine the best way to reward your employees, incentivising the employee behaviours which will best encourage and deliver your objectives. This is what we mean by ‘reward strategy’.
An effective reward strategy enables you to get the best from your people – helping keep your team focused, motivated and united.
How can a reward consultant help my business?
A pay and reward consultant is completely independent and can assess and advise your business.
The first stage of advising you on a reward strategy will be to conduct a reward audit.
While businesses can do this in-house, it is often preferable to use an external consultant to undertake a reward audit. They have many years experience in supporting businesses through the process, and uncover how you and your employees ‘tick’, using their experience to formulate your organisation’s objectives and goals. and measure whether your current reward structure will achieve them.
Once the reward audit is complete, the Consultant will make evidence-based suggestions to formulate your reward strategy.
What will happen during a reward audit?
3R’s reward consultants will work closely with your leadership and HR teams.
We will ask questions, challenge existing views and provoke a debate to help articulate the type of organisation you aspire to be.
We will also consider questions such as:
- Which organisations do you consider to be your competitors? Which organisations / sectors do you tend to recruit your people from and where do they tend to go when they leave?
- Is your focus mainly on delivering results? Or are you more concerned with how people interact with their colleagues and customers?
- Do you want to pay for performance or other measures such as commitment and behaviours?
We’ll then produce a full reward audit report with a summary of where you are currently as an organisation.
We will then recommend a custom reward strategy and structure that we believe will help you achieve your business goals.