Reward Strategy & Principles

Clearly defined reward principles aligned to your strategic goals

Why is reward strategy important?

Getting pay right is only part of the equation when considering rewards and incentives for employees. Developing the right reward strategy means taking a holistic view of your organisation to identify where you are right now and where you want to be, defining your pay philosophy, the purpose of pay, why pay should progress, and your market position.

Read more: How to Develop a Transparent Reward Strategy Linking Career & Salary Progression

Reward can be powerful; how and why you choose to compensate your employees sends a message about what you value as an organisation, not just in terms of base pay but also bonuses, benefits, and long-term incentives.

Having a clear reward strategy

Conducting a reward audit means analysing your business and people objectives, work culture, performance, and organisational values to identify what matters most to you. An effective reward strategy gets the best from your people – helping to keep them focused, motivated, and engaged.

But clarity is crucial. Pay research tells us that ultimately, what people want to know isn’t what everyone else is getting paid, but that pay decisions are made in a fair and consistent way as part of a framework that is easy to understand.

Your dedicated 3R Strategy team will work closely with you to understand your business, asking all the right questions to co-create a transparent company reward policy.

Read more: Can Pay Transparency Lead to Pay Equity?

Defining your reward strategy principles

The principles underpinning a reward strategy depend on your organisational vision and values, and the culture and behaviours you’re looking to promote across your workforce.

pay and reward consultants and reward audit

We will work with your leadership team to understand where you are as an organisation and consider where you aspire to be in the future. We will discuss your current assumptions around pay practices, competitive positioning, and governance.

How do you develop a reward strategy?

Based on the feedback from the leadership team, we will draft your reward principles aligned to your strategic objectives and organisational values. These forward-looking reward principles will underpin the design of any future reward framework.

Related reading

Case Studies

View our reward strategy case studies with details on our project and results

Contact us today for more information on our reward consulting services.