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Reward Strategy Consulting
Our reward consulting services develop pay and performance systems that fit with, and reinforce, your business strategy.
Use Paydata as extended members of your HR team, to develop your reward strategy and enhance the impact reward plays in employment packages.
Paydata reward strategy consulting services
Reward strategy is an essential part of engaging your employees. Our reward services include:
- Developing reward strategy;
- Creating salary scales;
- Preparing pay policy papers for remuneration committees; and
- Designing bonus schemes for sales teams.
Our reward solutions are tailored to your business needs, rather than a ‘one size fits all’ approach. This means you can get as much or as little help as you need, 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 consulting work starts 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 either structured interviews with key stakeholders, focus groups with supervisors or employee surveys.
Designing a reward system can include:
1. Developing a reward strategy
As a key part of employee engagement, this vital step involves deciding what your strategy is and how reward will fit with your other HR systems. This gives you an overall framework linked to your business strategy. It 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 setting individual behaviour expectations, measures and reward options.
2. 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 that is robust, but simple to use and maintain.
3. 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.
4. Determining variable pay (bonuses and incentives)
Variable pay takes the form of bonus schemes, commission arrangements or long-term incentives. With decades of practical experience, we can help you develop variable pay systems that drive behaviours to meet business objectives.
Paydata's reward consulting solutions
To find out more about reward solutions available from Paydata, please get in touch.