Overview
As part of a broader people management strategy aimed at harnessing the contribution of employees in the medium- and short-term, the business approach to reward and recognition must play a key strategic role. it should take account of the need to align the reward and remuneration system and processes with desired business outcomes in the areas of team behavior, business culture, equity and certainty which focus on performance. Paying attention to the criteria of the reward and remuneration system and its arrangements, can help you define how and where the best investment in pay and benefits should be made. We can help by undertaking a thorough audit of your existing reward and remuneration system to determine whether your current performance management system is appropriate to deliver on performance targets and on employee value (from the employees’ perspective). An assessment of reward and remuneration plans should aim to make a difference to the people it involves. It should motivate them and influence them to perform at levels which make a difference to the business. Assessment of the individual components of the reward and remuneration systems and processes must be linked to performance and reflect and support closely the changing needs of the business.
What We Do
Assess the current reward and remuneration system and how it relates to the business plans and the already established performance management processs. Identify future business needs and employee motivators to achieve these. Define the goals of the future reward and remuneration strategy and plan. Discuss alternative reward and remuneration strategies and considerations. Establish the form of the new reward and remuneration system and processes. Establish clear criteria for evaluating performance and awarding pay increases – identify what rewards are important and would be motivating factors for employees. Determine the non-monetary elements of the reward scheme. Establish a budget and guidelines for reward and remuneration allocation. Document the reward and remuneration plan and processes. Communicate the plan. Implement and review effectiveness of the plan.
Your Outcomes
	A thorough audit of the current reward and remuneration system. Feedback from employees about which reward program features deliver them value. A business incentive plan linking rewards to performance. A written reward and remuneration plan which includes: objectives of the strategy. structure and mechanisms of the plan. including guidelines on how to deal with those who fall well below or above target ranges. how business goals are linked to personal plans and desired behavior. detail on how individuals are measured and rewarded, including both monetary and non-monetary rewards. assigned responsibilities and timing for implementation and monitoring of performance targets. Rewards and remuneration scales are assessed against market rates.