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.
To understand the importance of these issues, consider the essential elements of any corporate strategy: senior managers must buy into it, managers and employees must understand it, and all systems must be able to accommodate it. When one of these elements is missing, conflict arises. Compensation surveys, communications strategy, and HRIS implementation are among some the biggest issues in implementing an effective total reward strategy
A total rewards strategy can help organizations vary the size and allocation of their total budget in line with business needs, financial constraints and talent requirements. Employers can better align rewards with employee preferences to get the best value for their spend, promote specific behaviors and drive higher productivity. And they have the flexibility to segment and differentiate rewards for different employee groups or parts of their business.
Support faster, better HR and management decision-making
Maintain competitive programs more cost-effectively
Free up resources for high-value program development
Retain control over compensation strategy and decisions
Proactively address escalating regulatory and public scrutiny
Access independent compensation consulting expertise, comprehensive data and leading edge technology
Assess how well your current compensation programs support
your organization’s business strategy
Evaluate compensation programs against competitive market
Review incentive plan designs and metrics to test for alignment with business objectivesTest for legislative compliance issues
SimplyREM can help you to review or develop a compensation strategy that’s right for your business. We’ll ensure the strategy covers all the key considerations needed for sound compensation programs, including:
We work closely with key decision makers across your business, including financial professionals, to understand your business strategy. We will:
- examine your current remuneration programme and gauge the extent that it aligns with the business strategy.
- understand the economics and business priorities of your organisation
- understand the employee demographics and potentially different needs of different employee groups
- conduct employee surveys to understand which reward programme features deliver the most value to them, and
- look at the messages that your reward programme is giving around each element and determine the extent that they align with reward strategy.
SimplyREM can help your organization adopt a more strategic, comprehensive and integrated approach to total rewards that includes financial and non-financial rewards. Under this approach, we prioritize your rewards investments according to the needs and preferences of key talent segments in your organization.
Year after year, top talent worldwide consistently cite total rewards as crucial to their engagement
Is your Total Rewards Strategy giving you a competitive advantage ?