Having the right reward strategy will help you attract, motivate and retain the right people for your organisation. To help develop the right strategy it is important to challenge your organisation by asking some very simple questions. From our experience of working with clients in this area, the three most important questions to consider are:
What does your organisation want to reward?
How much does your organisation want to pay?
How will your organisation reward its people?
The main considerations for each question are set out below.
This is the most important question in your pay philosophy and therefore worthy of top management time. In our experience the answer to this question is not necessarily as obvious as it might appear. These are some examples of the factors our clients consider: