How Can Organisations Align Their Total Reward Strategy With Their Business Objectives?
For reward strategies to be successful, it needs to be aligned with the organisation’s strategy, culture, and values. In addition, it must also meet the needs of employees and reflect the context within which the organisation operates. To achieve this, as part of developing a reward strategy, thorough research must be conducted into areas such as a business strategy to ensure alignment.
What Role Does a Total Reward Strategy Play in Attracting and Retaining Top Talent?
An effective reward strategy should provide rewards that meet the needs and preferences of the talent the organisation wants to attract and retain. To achieve this, as part of developing a reward strategy, thorough research must be conducted on what existing and potential talent values in terms of the working environment, what will improve their work-life balance, and what will motivate them.
How Do Organisations Communicate Their Total Reward Strategy to Employees?
Communication is a critical part of the implementation of a reward strategy and comes in many forms, such as workshops, briefings, newsletters, education, etc. You can’t do enough communication! Once implemented, many organisations choose to communicate the value of their reward package annually through Total Reward Statements.
Don’t forget as well that the communication needs to work both ways. As well as you telling your employees what to expect, even more important is that you listen to what they would like. By implementing a reward strategy for employees that has been driven by the employees themselves boosts morale and an overall sense of agency and ownership, which in themselves helps to improve overall productivity.
What Are the Key Considerations When Designing a Total Reward Strategy?
When working on reward schemes for employees, we break our approach down into the following:
• We start with thorough research. E.g., business/HR strategies, culture, values, competitor/market information, etc.
• We then analyse the research findings to gain insights.
• We translate those insights into the design of the reward strategy.
• We then work with the organisation to implement and communicate the reward strategy.
• Finally, we measure the success of the reward strategy. In other words, does it do what it is intended to do? If not, why not?
How Can Organisations Ensure That Their Total Reward Strategy is Competitive in the Market?
Yes, from our perspective, as long as we hold sufficient data, it can be used to benchmark salaries. We work extensively (though limited to) with housing associations, utilities, professional associations, healthcare, engineering, and communications. You can read about some of our UK salary benchmarking successes on our case studies page.
Can a Total Reward Strategy Be Customised for Different Employee Groups or Levels?
In both the job evaluation and job matching processes, the results are reviewed with the client and report production is an iterative process. Most importantly, Paydata is completely transparent in its salary benchmarking methodology and provides details in the final reports.
Get In Touch
Visit our case studies page for reward strategy examples, and contact Paydata for further information on how Paydata can help to structure a competitive total rewards strategy for your organisation.