An effective total rewards strategy enabling organisations to deliver the right amount of rewards, to the right people, at the right time, for the right reason.
A Total Rewards Strategy is a plan for allocating all reward resources in a manner that drives the execution of an organization’s business strategy.
The development of a Total Rewards Strategy, therefore, ensures that reward elements reinforce behaviors the organization values in a manner that energizes executives and employees in a way that ties rewards to organization results through individual, team, and organization performance.
By bringing different reward program elements together in a strategic, holistic manner is a much greater challenge than simply setting a competitive pay level. An effective, strategic total reward package:
- Creates affordable and sustainable costs, by helping organisations evaluate and better manage the overall costs of the total reward package and therefore make smarter choices about where to invest reward budgets. This is particularly critical in today’s competitive business environment.
- Connects with the business strategy to create a high performance culture. An organisation becomes what it rewards.
- Supports the “employment brand.” A total rewards package is a key tool for influencing employee behaviours and attitudes.
Our total reward framework takes a strategic planning approach which looks at what you’re trying to achieve, what your people want, what you can afford and what is implementable.
You’ll end up with a reward strategy that’ll help you attract, retain and motivate the right people at the right cost for your organisation.
Year after year, top talent worldwide consistently cite total rewards as crucial to their engagement.