Reward
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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 strategyA successful reward strategy will contribute to the performance of an organisation and should be closely aligned to your HR and business strategies.
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.
A comprehensive reward strategy should also demonstrate how your employee benefits and your learning and development provision support the organisation.
Even when a reward strategy has been set, it needs to be reviewed as your organisation evolves to ensure that it remains relevant.
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How we can helpAn independent review of your reward strategy will ensure 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 people 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.
Our employee focus group service is an invaluable way of finding out what your staff think about reward. We tailor the sessions to your culture and carefully manage them to manage people's expectations.
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It gives your staff the chance to speak in confidence about what works and what could be improved.
We'll then summarise our findings and present these to you in a report and/or in person. We will highlight any risk areas and make recommendations on how to address these, along with suggestions for any other improvements that we think could be made.
Having identified a clear reward strategy, we can help you to implement this using our experience of managing complex reward projects.
The result will be a solution that your team understands and is comfortable with carrying forward once our involvement ends. Read the case study below to see how effective our reward strategy review service can be.
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Case study: Reward strategy
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EBRS was commissioned by Shepherds Friendly, a financial mutual society, to review their Executive remuneration and bonus schemes.
We recommended that they also look more broadly at their reward strategy to ensure that it aligns with their business strategy, culture and values:
'As well as examining our reward practices, Karl and Alison spent time getting to know the business, meeting with senior managers and running focus groups with our staff.
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They collated all of the information they gathered and provided a balanced report that summarised what works well, highlighting risk areas and recommending how we could further strengthen what we do.
They presented the findings to our Remuneration Committee and we are now implementing their advice.
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We have enjoyed working with Karl and Alison and felt that they were very collaborative in their approach and really listened to what we were hoping to achieve with this project.
We were kept up to date with progress throughout the project and everything was delivered within the agreed timescales.
We would have no hesitation in recommending the services of EBRS.'
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