There’s more to Rewards than just Base Pay:
Getting the right balance between fixed and variable pay, as well as the right blend of employee benefits, is what will define you as a good employer in the eyes of your people.
- The first step in good Reward Practice is to decide how many pay grades you need – this could range from having just one universal structure with 9 – 13 grades, to a series of Job Families, enabling your people to plan their career development both up and across the organisation.
- We can then help you design pay ranges to match every type of employee, creating a fair balance between what the external market is paying and how you decide to allow movement through the grades based on growing levels of skill and competence.
- The secret is to understand the value of every element of pay through the eyes of both employees and shareholders, particularly where the value and contribution of benefits is concerned. You need to adopt a range of benefits that are in proportion to your pay philosophy, and which are as attractive to employees as possible, within the budget you set.
- Remember – when you get your pay structure right, highly engaged employees will value their total package far more than its individual components.
About the Reward Practice
We are based in 5 international locations – US, UK, Switzerland, Ireland and Luxembourg.
Effective Reward Strategies have many components: only one is consistently present to achieve success – a bespoke approach which results from listening to your needs, your competitive situation and your workforce challenges. Off-the-shelf solutions are quick and cheap. Ours are laser-sharp and competitively priced.“There is no room for error where Total Rewards is concerned. We will ensure that you get it right first time, every time”.
Alan Gibbons, The Reward Practice