Reward Strategy
Understanding why reward decisions are made and having a perception of fairness are fundamental to an employee’s satisfaction and motivation with Reward – something that is more important than ever following the pandemic.Inspiring Reward works with business leaders to help you define your Reward principles and design a Reward Strategy which supports your business objectives, as well as put in place grading & pay structures which ensure consistency and develop clear communications so that everyone in the organisation understands the basis for pay decisions and the value of their Total Reward package.
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Employee Benefits and Wellbeing
Inspiring Reward's Total Rewards approach offers several solutions to improve employee engagement levels:
• Surveys and pulse checks to analyse what your employees really value, plus awareness and engagement levels with your benefits offering and how it is supporting employee wellbeing
• Analysis of your benefit offering for market competitiveness, cost effectiveness and alignment to company culture & philosophy
• Benefits strategy design, including vendor selection and product implementation
• Communications platform & plan design and implementation, to increase uptake and ensure employees understand the value of their Total Reward Package
Performance and Recognition
The linkage of financial reward and people’s motivation and performance is a complex area, with behavioural science telling us that in some cases a monetary incentive may even crowd out an employee’s intrinsic motivation to perform.
Inspiring Reward can work with you on designing and implementing performance and recognition plans which are the right fit for your organisation:
• Variable pay design - is your short term bonus scheme effective in incentivising employees towards the desired goals and achieving business performance?
• Recognition Toolkit – improve employee satisfaction through regular recognition of employee achievements
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Reward Metrics and Analytics
"Offering generic interventions without 'knowing the numbers' will limit the effectiveness of any strategy" (Dame Carol Black, 2020)
Inspiring Reward can work with you put in place data and reporting solutions to improve and manage your Reward Strategy:
• Gender & Ethnic Pay Gap Reporting
• Data Management
• Reward Metrics
• Analytics to manage processes and their effectiveness