Reward Strategy

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What is Reward Strategy?

  • In return for their commitment, employees expect financial rewards such as salary, fringe benefits, bonuses or share options.
  • They also seek other forms of reward such as recognition of competence, achievement, responsibility, influence and personal development.
  • The challenge is to get the balance right.

We can help you to…

  • Attract, retain and motivate staff of the right calibre;
  • Identify superior performance and decide what to pay for it;
  • Offer the right fringe benefits; and
  • Keep your pay bill under control.

The process

Research

  • Collect and review background information to establish what is or isn’t working and possible solutions.
  • Typically involves 1:1 interviews, questionnaires and surveys, focus groups.

Design

  • Analyse the research information to evaluate various solutions.
  • This involves interactive workshops. Outcome: to propose a set of solutions for implementation.

Implementation

  • Communicate and introduce new policies and procedures.

Our expertise enables you to…

  • Measure market rates and how they affect your pay;
  • Address equal pay through pay structures and administrative processes.

You can also differentiate between:

  • Pay and reward, and how to use their differences strategically; and
  • Paying for contribution, performance or competency.

“The integrity and experience of the Ways HR Consulting consultant was paramount. His work was always on time and to a high standard.”
         Jenny Topham, Head of Operations, TPAS

Contact

Click here to read or download more about ‘Reward Strategy’