What is a reward strategy?
A reward strategy looks at your business and people objectives, work culture, performance and organisational values. It then considers these factors and determines how you can reward your employees in such a way that the right behaviours are encouraged and rewarded.
An effective reward strategy enables you to get the best from your people – helping keep your team focused, motivated and united.
Our reward consultants have already helped leading UK organisations put the right reward strategy in place, because our business is helping other businesses identify the right reward strategy to achieve this.
How can a reward consultant help my business?
Our independent reward consultants start by conducting a reward audit to assess your current reward structure and look at your organisation’s objectives and goals. They can then formulathe the best reward strategy to deliver results for your business.
What will happen during a reward audit?
Our external reward consultants will work with your leadership and HR teams to ask questions, challenge existing views and provoke a debate to help articulate the type of organisation you aspire to be – then we will help you put in place the best reward strategy to support these objectives.
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 audit report with a summary of where you are currently as an organisation, as well as the future aspiration and the reward strategy and structure we recommend you implement to fulfil your goals .