Our reward consulting services develop pay and performance systems that fit with and reinforce your business strategy. Built around your organisation's requirements and needs, we are here to ensure that your reward scheme gives you a competitive advantage.
Paydata's Reward Strategy Consulting Services
Use Paydata as extended members of your HR team to develop your reward strategy and enhance the impact that reward plays in your employment packages. From ensuring that you retain the most valuable members of your team to attracting the best talent on the market, our reward management consultants can help to safeguard the future of your business and push it to the next level.
Reward strategy is an essential part of engaging your employees. Our reward services include:
Our reward solutions are tailored to your individual business needs, rather than a ‘one size fits all’ approach. This means you can get as much or as little help as you require and secure the best value for your business.
Reward strategy...getting started
The starting point has to be your business strategy, as this:
Shapes your reward strategy;
Helps align your pay and benefits system;
Determines your pay structure framework;
Suggests how to value different job types;
Creates the right links between pay and performance; and
Leads you to bonus and incentive options.
How Paydata’s Reward Strategy Consulting works in practice
Our reward management consultants start with diagnostics – getting to grips with your business' objectives, priorities and challenges. We work with you to gauge where existing reward practices meet your needs and where you may need further input. Typically, this involves structured interviews with key stakeholders, focus groups with supervisors or employee surveys.
Designing a reward strategy can include:
Developing a reward strategy
As a key part of employee engagement, this vital step involves deciding what your strategy is and how reward will support and work effectively with your other HR systems. This gives you an overall framework linked to your business strategy, which is exactly what our reward management consultancy will help you work towards achieving. This step is about assessing characteristics and behaviours that will help you achieve your intended direction (for example, treating people openly and honestly, or building co-operative relationships with suppliers); and also set expectations around individual behaviour and reward options. Speaking to a pay and reward consultant here at Paydata will go a long way to forming an effective reward strategy for your business.
Introducing a grading structure
Whether you need a single grading structure, career families or job families, we can find an approach that works for you. We can provide a modified job evaluation system or shape a bespoke scheme to fit your needs; the main thing is building something robust, but simple to use and maintain.
Determining fixed pay (base salaries)
The key things to consider are where you want to sit in your chosen market, the number and shape of your salary scales and options for sourcing and using market data. Our Pay Modelling service is designed to support these needs. By giving you the ability to clearly outline where your business currently is today, you can better prepare for where you wish to be tomorrow.
Determining variable pay (bonuses and incentives)
With decades of practical experience, we can help you develop variable pay systems or long-term incentives, with arrangements that drive behaviours to meet business objectives. Developing a remuneration strategy, for you and your business, is one of the most important aspects of safeguarding the future of the company by retaining your most valuable employees, as well as attracting the best talent to join.
Would you like to know more about our Reward Strategy Consulting Services? Get in touch.
Tim is a passionate HR specialist with over 20 years’ experience in pay and reward. As a director of Paydata, Tim has worked with thousands of satis...