30th August 2017
2017 is proving to be another challenging year for managing pay and reward with legislative, economic and political changes contributing to the pressure on limited pay budgets worldwide. The reality for most employers is that pay pots aren’t growing, recruitment will be challenging and hanging onto key talent will be harder.
That’s why it’s essential that companies are effectively managing compensation budgets and getting the most out of their reward strategy. Measuring the impact of compensation is essential, because if you’re not getting the right outcomes the reward spend is effectively wasted.
Don’t forget that rewarding performance, talent and loyalty doesn’t always have to be in the form of compensation. Other things may also work as a motivational incentive; such as benefits packages, social events and experiences. Nevertheless it’s crucial to set the pay level and bonus structure to the correct level in order to retain talent and stop staff looking elsewhere for opportunities.
Data and analytics have a huge part to play in the decision making process. Make sure the top performers are rewarded fairly, which will encourage others to increase productivity. One of our Founders Ruth Thomas has revealed four factors to consider when getting the most out of your reward strategy – read the full article on HR.com.