To build a strong understanding of where your business is, where it’s going and what that means to your people, we start by talking with senior stakeholders. This often works best in an open workshop environment enabling discussion, questions and answers.
We then take this wealth of new information and test it against a rigorous Reward framework to produce a set of guiding principles.
Reward decisions can be difficult, requiring compromise and trade-offs so these guiding principles are crucial: they allow you to move forward with the confidence to make consistent decisions, and a strong basis from which to communicate with your workers, and defend the decisions you make.
Putting your Pay Principles into Practice
With your reward strategy in place, the ‘5 Cs’ of our reward framework model - Clarity, Consistency, Competitiveness, Control, Congruance – help you drive engagement and maximise return on investment.
There is a common misconception that reward is limited to pay. Increasingly, companies are linking reward with their strategic goals by placing a greater emphasis on the entire Employee Value Proposition and offering a broader spectrum of flexible benefits, discount schemes, recognition and wellbeing. This more holistic approach to reward drives employee engagement and creates a more positive working environment that helps to retain workers and boost recruitment in the market.