Time change – and so must your approach to rewarding your employees in the most cost-effect way.
Our approach to Rewards Audit is strategic but practical, helping clients to reappraise where value is being created, redesigning pay according to value-added, and assessing the degree to which jobs are mission-critical.
The most fundamental reasons to undertake a Pay & Reward Audit are:
- To understand and counter adverse/unexpected changes in employee behaviour or in the external labour market, e.g. poor performance, high attrition, unexplained turnover and poor global alignment and mobility;
- To rebalance the pay formula and place more or less of your pay spend into particular pay categories, i.e reallocation between base, short term incentive and long term incentives to change the behaviour of particular sections of the workforce;
- To re-appraise what people actually do: you would be surprised by how far many companies have moved away from their original mission, and the extent to which informal job duties and pay systems have taken over, leading to no really true yardstick by which to measure how jobs and their incumbents should be paid relative to each other;
- To revitalise incentives – perhaps the largest area of activity – to ensure that the tasks to be incentivised are fully aligned with company goals;
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