Is your reward system helping your business and your people to thrive?
Is it setting you up for the future?
Does it build commitment and engagement?
Paying people is probably your biggest business expense. So, is it working for you and giving you the return on investment that you should expect? Are you clear about how it is supporting your success as an organisation?
Performance related pay may not have lived up to its early expectations, but rewarding people for their contribution (what they do + how they do it) not only makes explicit what is valued, but done with fairness and equity can increase engagement.
Of course there is more to reward than just the money. My approach draws on the principles of total reward. The concept of total reward covers all aspects of work that are valued by employees, including benefits such as the opportunity to work flexibly, learning and development and scope for personal growth, values, leadership and the work environment among others. These things are no less important when it comes to attracting people to join your organisation, retaining them and encouraging them to go the extra mile in pursuit of shared goals.
I have reviewed reward strategies for clients, recommended change and supported the implementation of new approaches.
Please call me if you’d like to talk about how you might make your approach to reward work better for you.
Your approach to reward should achieve four key outcomes:
Integral to this approach is the willingness to involve employees from the start in creating the approach to reward so that they are actively engaged in the process of development, design and implementation. This will ensure that their issues and concerns are identified and addressed rather than turning into resistance – because when that happens the harder you push the harder the system will push back!
This is my five step process: