Reward Strategy

Scenario

  • Our client is a large financial services company, managing more than £8 billion on behalf of their members and customers.
  • Following an organisational redesign and the recruitment of a new Chief Executive, our client wanted to review their high level reward strategy.
  • The review had to be full and thorough, looking at: reward philosophy; delivery through fixed and variable pay and benefits; optimum market relativities to support new business strategy; and management style cost efficiency.

Actions

  • Our approach included: interviews with senior executives; desk research on current policies and practices; and benchmarking against market practice.
  • The new CEO was not used to managing without an in-house HR Director, but we established our credibility and earned his trust.  Together we reviewed the draft strategy and formulated new approaches for the remuneration committee.
  • We planned the project to the finest detail and created a monitoring process for client management.

Outcome

  • Our client was able to reduce turnover while offering competitive rewards for good performance.  This made them an even more attractive proposition to senior staff.
  • Our provision included delivering monthly reports on activity and budget spending.  We also arranged ad-hoc meetings and discussions with the internal project team to resolve short term issues.

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