Clearly defined reward principles aligned to your strategic direction
Having a clear reward strategy
Finding the right reward strategy is not just about pay. Getting pay right is only part of the equation.
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. An effective reward strategy enables you to get the best from your people—helping to keep your team focused, motivated and engaged. Your dedicated 3R Strategy team will work closely with you to really understand your business and ask all the right questions to co- create and articulate your reward strategy.
Defining your reward principles
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.
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.
We don’t offer the ‘one size fits all’ model like most of the larger pay and reward consultancies. We offer customised solutions based on your requirements, working as an extension of your HR team to implement and communicate each stage of the project.
We work on a fixed-fee basis, so you know exactly what you will be spending from the outset.
We operate a remote and flexible working policy, enabling us to deliver agile, high-quality expertise without the price tag of a big consultancy.
We pride ourselves on creating ethical relationships with our clients and colleagues based on integrity, trust and thought leadership.
A reward strategy that recognises the efforts of employees and encompasses all elements of reward like bonuses, benefits, and fair pay, is much more likely to encourage employee loyalty and motivate colleagues to produce better results. Equally, an organisation that has a comprehensive reward strategy in place is likely to attract top talent from the external market.
How do I implement a reward strategy?Sarah Humphreys2021-04-12T18:25:24+00:00
Total reward covers all aspects of work that are valued by employees, which includes the wider pay and benefits package, learning and development opportunities, flexible working allowances, etc. When taking all these elements into account an employee can understand what their total reward package is, as opposed to limiting this to base salary.
What are the benefits of salary benchmarking?Sarah Humphreys2021-04-12T18:26:49+00:00
By getting the compensation benchmarking right in your organisation, you are more likely to retain your top talent and be viewed as a fair, transparent employer. Having a good understanding of where your company sits in the market is key to setting an effective reward strategy and knowing that you are rewarding your employees appropriately.
Now more than ever, employees have access to a wealth of information on market salary ranges for their roles, so it’s in an organisation’s interests to develop fair and competitive pay ranges, and ensure they are regularly updated.
What is a salary survey and which one should I choose?Sarah Humphreys2021-04-12T18:27:28+00:00
A salary survey is used by an organisation when they want to carry out a salary benchmarking exercise, to establish how their pay frameworks fare against the external market. Salary surveys can be used for both current roles to help form the basis for internal pay ranges and help to budget for future salaries when planning for new hires.
When choosing a salary survey, organisations should consider the following;
Whether to study data that is industry specific or more general
If you would like to look at particular organisations to compare to, i.e., your competitors
How detailed the survey providers will be with their findings and how much support they will offer with validating the data
An Equal Pay Audit is the process of comparing how much you pay men and women who carry out equal work. The Equality Act 2010 states that women should be compensated the same as men when doing equivalent work, which can broadly be broken down into 3 categories:
Like work: similar tasks that require similar skills
Work rated as equivalent: graded as equivalent under a job evaluation scheme
Work of equal value: of equal value in terms of effort, skill, and decision-making
Conducting an Equal Pay Audit in your organisation will not only ensure you are not breaking the law in any way, but also help to create a transparent culture around pay and highlight your commitment to equality and business values to employees, partners, and clients.
The gender pay gap (GPG) is a measure of the difference between men’s and women’s average earnings across an organisation or the labour market. Gender pay gaps may exist for several reasons, the most common being the lack of representation of women in senior roles where pay, bonus and incentives are higher, and likewise an over-representation in junior or administrative roles where financial reward is low. They could also be due to the difference in years of employment due to maternity leave and the negative impact of part-time work on career progression.
Any organisation that has 250 or more employees must publish its GPG. When the number of employees fluctuates and falls just below 250, it isn’t mandatory to publish the GPG, but the organisation is encouraged to on a voluntary basis.
Pay transparency is not simply the act of disclosing the salaries of employees. It refers to being clear and open about how and why compensation decisions are made, and ultimately leads to employees having a greater understanding of what is expected of them and the overall reward principles of the organisation that drives theirs, and everyone else’s work.
Pay transparency can also be key in helping to reduce the gender pay gap, as it encourages employers to be more open about the purpose of pay and how these decisions are made.
As a specialist pay and reward consultancy with technical reward expertise gained in-house and as consultants, our team has the skills and knowledge to advise on almost all areas of pay and reward policy and process in your organisation. For a full list of how we can help you, please visit our services page for more detailed information:
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