A reward strategy summarises your organisation's
pay and reward objectives, helping explain their purpose and logic to your employees. We can work with you to devise or review your reward strategy.
Our step-by-step process will guide you through the stages of a reward strategy review, to ensure that the end results meet your organisation's needs.
Why you need a strategy
A successful reward strategy will contribute to the performance of an organisation.
A clearly communicated strategy that explains how pay levels are set, how job complexity links to pay and how performance will be rewarded, will help your staff engage in their work. If employees don't understand their reward, they are unlikely to think that it is fair.
It is also crucial that the way you reward and engage with your employees is consistent with the aims and values of your organisation.
Even when a reward strategy has been set, it needs to be reviewed as an organisation evolves to ensure that it remains relevant.
How we can help
We can help you to review your overall reward strategy so that you are clear about what you want it to achieve, what needs to be done to get there and how you can measure its effectiveness.
We will talk to the person responsible for reward and gain a full understanding of your strategy, values and culture. We can also speak with other key stakeholders in the organisation to get their views on the effectiveness of current reward practices and what they'd like to see in the future.
We'll then summarise our findings and present these to you in a report and/or in person, along with suggestions for any improvements that could be made.
Having identified a clear strategy, we can help you to implement this. We are experienced in managing complex reward projects such as these.
The result will be a solution that your team understands and is comfortable with carrying forward once our involvement ends.
Case study: Midland Heart
Midland Heart engaged us to support them with a complex large-scale review of their total reward strategy to mirror changes in the way the business worked. It evolved over several years and included a review of their job evaluation system, streamlining their pay structure and the introduction of pay progression.
We worked as an integral part of the HR team to develop the foundations of a reward strategy and identified the actions needed across in nine project areas to bring about the required changes.
Midland Heart's HR team took this framework for change forward, and we're pleased to say that the work was recognised with the title of Best Reward Initiative at the CIPD People Management Awards in 2017.
'EBRS started with a strategic reward review. Karl led the project, gaining buy in from executive directors and senior managers, alongside staff representatives.