Reward and Recognition is all about how you determine what to pay your employees (compensation/salary/hourly rates) and how you can recognise their contribution and efforts.
Getting remuneration (or compensation), rewards and recognition right for your organisation can mean the difference between attracting the right people in a timely manner and keeping them; or spending too much time and resources finding the right people with the right skills and experience in the candidate job market.
Deciding what to pay your employees is a balancing act. Some of the things you need to consider are:
- what an employee wants
- what they are worth in the external job market
- what they are worth to your business
- what you can afford to pay
You also need to consider how you capture key employee data and the way you are going to pay employees, taking into considering tax, superannuation, payroll and other legislative requirements.
Once you have determined an employee’s remuneration and how to pay them it is also important to consider how you are going to continue to reward and recognise their efforts and motivate them to perform at their best. Over 50% of potential employees see benefits and perks as some of the top considerations before accepting a job. Benefits are also a great way to communicate an organisation’s values.
shilo.consultants can provide insights, strategies, tools and frameworks to help you select the right Reward and Recognition programs that align to your organisation and its performance. We can help with:
- Developing reward strategies, policies and procedures.
- Creating short and long-term incentive plans such as bonuses that are linked to performance targets or long-term retention plans such as share plans/ESOPs.
- Market matching positions to the external job market to ensure the compensation you are paying is aligned to the skill set required for the role and the industry you are operating in.
- Reviewing or creating job profiles and competency design.
- Salary packaging options.
- Reviewing what employee benefits you currently have in place and suggesting alternatives that enhance the employee experience.
- Recognition programs aligned to organisational culture and behaviours.
- Linking remuneration to performance and other employee experience practices you have in place.