There are many ways to define Reward strategy (or Compensation and Benefits strategy). A simple one is, ‘An approach to reward based on a set of coherent principles in support of the organisation’s aims.' It needs to tie in with the broader HR strategy to help align reward management as part of an holistic approach. We often start by working with a client to develop a simple set of reward design principles. Projects undertaken include:
- Developed a reward philosophy which was then used to shape reward programmes
- Advised a financial services client in developing a reward policy to take into account new compliance requirements
- Held a one day brainstorming session with the Global and UK HR Directors of an international business from which a new reward strategy was developed
You might find these sheets on reward strategy of interest.