Webinar: creating a successful reward strategy
20th March 2023
Samantha Gee
Top tips and recording available
Earlier this month, I joined Dinah Patmore from MOORE Kingston Smith to deliver a webinar on creating a successful reward strategy in the current challenging times.
Here’s a round up of some of the top tips we covered:
- Keep your reward strategy clear and simple, and bespoke. Ensure it covers the big questions including clarity on what fair pay means, the role of variable pay, and how your deal differentiates your organisation.
- Be brave and set yourself some future aspirations for reward. For example, this could be around degree of transparency, role of people managers, integration of ESG goals or gender equity.
- Build in as much agility as possible to your approach so that you create a sustainable strategy that is fit for the future, whether that brings buoyant or tough times.
- Conduct salary benchmarking and communicate with your employees. Employees tend to think they are under-rewarded, even if they aren’t, if you don’t explain that you used benchmarking information to set their pay.
- Be transparent around how pay is determined, as this is a key part of keeping employees from feeling dissatisfied and line managers should be confident having conversations about pay.
- Consider benchmarking benefits in addition to salary, for example family-friendly policy benchmarking.
- Look at your employee demographic and segment your employees accordingly so that the way you reward them is as personalised as possible.
- Consider giving line managers a budget to reward and recognise in a timely way outside of the usual pay/bonus cycle.
You can also watch a recording of the Webinar here.
Image courtesy of Daniel Fleming.
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