Strategic Reward
Developing the right reward strategies, policies and practices to ensure they are aligned and support your company’s objectives and goals.
Total Reward Audits
One of our most popular services, we will undertake an independent review of your reward practices and priorities with an objective of identifying potential efficiency opportunities. This includes baselining current practices against typical market benchmarks.
Areas we audit include:
- Base Pay Practices
- Core Employer Benefit offering to employees
- Variable Pay (bonuses, long-term incentive plans and sales incentives)
- Formal financial and non-financial recognition programs
- Total Reward proposition
- Policies & procedures
- Regulatory/Legislative Compliance
- Reward and performance management MI & reporting capabilities
TOTAL REWARD STRATEGY AND APPROACH DEVELOPMENT
We will work with you to understand your desired culture and business goals to develop a total reward strategy that will support these desires.
This will include reviewing and/or developing your:
- Vision and Strategy statements for reward
- Reward principles to ensure they are designed in such a way as to drive and reward performance and are whilst linking to financial and non-financial strategies and goals
- Reward framework and any supporting guidelines to ensure a consist experience in the attraction, retention and rewarding of your people
- Approach to providing flexibility, where appropriate, to reflect local market practices and legislative requirements
- Approach to communicating reward transparently, consistently, fairly and equitably
- Practices to ensure all total reward initiatives comply with legislative, regulatory and/or corporate governance policies, processes and procedures
BESPOKE REWARD TOOLS
We understand that sometimes you may want to create a distinct reward package to set yourself apart from your competition. We can advise and develop non-traditional tools to help you attract & retain colleagues by “setting yourselves apart for the rest”.
Examples of some of the bespoke tools we have developed for clients include:
- Joint share option plans
- Share Equity schemes
- Spot recognition – financial and non-financial rewards
- Retention bonuses (financial and non-financial)
- New employee or “sign on” bonuses
- Development programs for key employees
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