Our approach to employee reward
Most organisations spend a lot on reward (salary, bonuses and other variable pay, benefits). It can be up to 70% of all the costs of the organisation. So it is critical to get best value out of everything you spend on reward.
That’s where Rewards Consulting comes in.
We believe that you can maximise the value of employee reward in one of two ways:
Below the line is the stuff that most people won’t see if you get it right. This is the traditional aspect of reward – design, spreadsheets and models. It is about improving the efficiency of delivering reward programmes. Where it includes saving costs, the trick is to find ways to do so without damaging employee engagement.
Above the line is about releasing the value of employee reward programmes – everything you have done below the line – getting them to support or help drive the desired behaviours or outputs, getting them to be better understood by everybody, and making sure that they work in alignment with everything else you are doing. And always maximising value through exceptional communications.
We believe in best fit not best practice. Just because a particular reward strategy works somewhere else doesn’t mean it will work for you. You need the right reward programmes to help you achieve your organisational goals, within your culture; not someone else’s.
We believe that it is vital to look at how your reward management programmes relate to everything else you are doing – all the other HR things that individually and together say something to your people about the sort of organisation you are and what is important. The context within which reward schemes are to operate is a critical component.