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Practical HR Guide For

 

Total Reward Strategies

How to develop a total reward strategy

A good total reward strategy is a simple set of principles that outline what you want reward in your organisation to achieve.

It summarises your agreed view on where you want to position yourselves compared to your competitors, how you will recognise contribution, and what the employee deal looks like.

It acts as a critical reference point for all future decisions on pay and performance, and clearly articulates your stance on each pay component -base pay, bonus (long and short term), benefits, recognition and performance.

Without a clear strategy, pay decisions can become inconsistent and ad hoc.

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Packed full of useful application

  • Key components of a total reward strategy
  • Four dimensions of performance
  • Unique 4-step strategy approach

For a fully effective reward strategy, there needs to be a clearly articulated proposition and plan behind each of these areas.

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