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reward frameworks



Why have a reward framework?

The starting point is that all organisations need to pay their employees a competitive salary. In today’s competitive marketplace, however, successful employers are becoming aware that reward frameworks that focus solely on pay are missing the bigger picture. By thinking about employee reward in its broadest sense, often called ‘total reward’, being aware how non-financial reward can complement a competitive pay structure, organisations have the opportunity to realise significant organisational benefits in terms of recruitment, retention and employee performance.
 
We take this approach in designing reward frameworks for organisations and in doing so, there are three main strands to our work:
 
Financial rewards
 
Considering financial reward means designing pay and grading structures that will meet your organisational challenges in the coming years. Some of the questions we might ask include:
  • are your current salaries competitive within the external market-place?
  • would a narrow, broad-banded or spot salary structure best fi t your needs?
  • should salaries set linked to formal job evaluation scheme, or other role sizing mechanism, or linked directly to market pay data?
  • do you want the ability to reward employees for performance? For competence? For contribution?
  • should employees share financially in organisational success?
  • what proportion of employee reward should be through consolidated or non-consolidated payments?
The benefits package
 
Too many organisations do not use the substantial benefits provided by the organisation as a tool to increase employee retention and motivation. In reviewing and improving your benefits package, we would ask the following questions:
 
  • is your benefits package competitive within the external market place?
  • what benefits do your employees value?
  • how can you structure your benefits package to maximise employee value in the most cost effective way?
  • do your employees understand the value of their benefits package?
  • does one benefits package fi t all your employees or do you need to think about increasing flexibility within employees’ benefit choices?
  • how conventional are you and does what you offer make you ‘stand out’ as an employer of choice?
The reward culture
 
To your employees, the reward framework is a very powerful symbol of your organisation values and their link to reward. However, a reward framework does not exist in isolation. In order to maximise the organisational benefits you can realise, you need to ensure that the culture of your organisation, your values and reward structure are seen within your organisation as being important. We will challenge you to adddress:
  • How do you describe your organisational culture?
  • Does the physical working environment help or hinder your organisational objectives?
  • What kind of management style would reinforce your reward mechanisms?
Why choose insight?
 
We have the expertise and skills to help you develop and implement a reward framework that is ‘best fit’ for your organisation.
job evaluation
reward frameworks
"insight did some work advising our Board on how to proceed with the difficult issue of pension provisions. It involved working with various different groups - board members, staff, union representatives. Our insight consultant was terrific, he explained complex problems really well - to quote a member of staff, "I've never understood this before, but now I get it"."
Jayne Hilditch, Corporate Services Director
NHHG
 © Insight Human Resource & Management Consultancy Ltd 2010    |    Legal Disclaimer    |    Saturday September 11 2010