TOTAL REWARD MANAGEMENT
Base salary, variable pay, and benefits are some of the crucial factors that enable businesses to retain essential skills, motivate employees to achieve their best, win over talent, and build a sustainable organizational culture. Good total reward strategy generate added value whilst ensuring that financial measures are systematically controlled, investment in human capital is kept at optimal level, etc.
At different stages of growth businesses deal with and consider the following questions:
- How to further motivate employees to sell more?
- Which employees deserve the highest salaries?
- Should the desired salary transparency scheme become a comparative advantage?
- Are benefits necessary if main competitors already offer them?
- How to win over the best talent in the market?
- Is long-term incentivizing effective?
- What is our employer value proposition?
- How to put technology into practice and save up? When is it worth it?
Our consultants will help your business choose the principles of total reward strategy, develop a competitive and cost-efficient compensation framework, assess investments, and execute the strategy within your organization. Once the total reward strategy is in place, we will guide you through finding its relation to people management, training, and career planning.
People LAB provides the following services:
- Analysis of employee cost-efficiency;
- Job evaluation;
- External competitiveness and internal equity analysis;
- Pay policy, recognition, and benefits scheme design;
- Total reward policy communication and leadership on-boarding training;
- Employer value proposition.
Not sure where to start? This diagnostic tool for Total Reward strategy is in your hands – https://www.surveymonkey.com/r/ZBGGKWX . By answering these 22 questions, you will see the greatest opportunities to improve your reward system.
How does it work?