International Reward Strateg1

Reward Strategy People are our greatest asset has become a clich for a lot of businesses.
What does an organisation need to do to make it a reality? Human resource strategy needs to be based on the business strategy and one of the key elements of a human resource strategy is reward strategy. Once the strength of this set of connections is recognised it becomes clear why reward strategy, and the ability to put it in place are crucial. Many organisations can struggle to attract, retain and strongly motivate sufficient talent. Reward strategies and their applications are rarely the sole cause of this struggle but they are often at the heart of the matter. Positioning your reward strategy In todays rapidly changing international environment, organisations in many sectors rely on the individual knowledge and skills of their key people to build and realise value and intellectual capital. These key employees are often dissatisfied with reward strategies that do not fully share the successful outcomes of their contributions. For such people, the nature of the psychological employment contract is shifting. This diversity of requirements means that in many organisations, identifying, positioning and managing a corporate reward strategy is no longer a bit part in the repertoire of Human Resources professionals. Instead, reward strategy is a regular and central theme in decisions relating to overall corporate performance and business growth. Competitive advantage Very significant competitive advantages, both generally and specifically, can be derived from the design and application of reward strategy that fits well with wider corporate, human resources and financial aims. Generally, a reward strategy that flexibly reflects an organisations overall commitment to its people as key assets of the business will undoubtedly help gain the upper hand in the increasing war for crossborder talent. More specifically, a substantial bottom-line competitive edge can often also be achieved by developing rewards structures which maximise opportunities for savings arising from accounting, tax and legal requirements. Why review your reward strategy? If your organisation or a significant part of it, exhibits one or more of the following issues or symptoms, then you should consider a review of your international reward strategy: Difficulties recruiting, retaining and motivating key people; Misalignment between business, human resources and reward strategies; Reward programmes driving behaviours that destroy rather than add value;
Ineffective teaming on reward-related issues between unit management and HR, compensation, tax, accounting, legal and communications specialists; Poor communication of reward policies leading to an unclear link between performance and reward in peoples minds; Increasing reward costs without a clear link to increasing performance; Lack of response to the changing psychological contract between employer and employee; Difficulty in coming to grips with the wealth of information on market pay data that is now available through a variety of communication channels and in relation to the global marketplace;
The increasing complexity and diversity of reward strategy makes it a must for many organisations to take a fresh look at it, in order to ensure that they have a coherent, flexible framework of strategic reward principles and policies in place to meet tomorrows demands. How can we help? Our experts can work with you to develop appropriate reward strategy solutions by identifying where you stand currently and how any changes to your strategy would impact the business. If changes are necessary, we can work with you to implement them successfully. Where do we start? An in-depth and consultative and technical appraisal would be carried out of your current reward strategy and policies. Within the context of the values and aims of your future business and HR strategies, we will undertake a comparison of best and emerging practices relevant to an organisation versus your current reward strategy and policies. The comprehensive review could include some or all of: International orientation Performance management environment Balance between basic salary, variable pay and benefits International reward framework Management of employee turnover Work-life balance programmes Recognition culture Psychological contract Flexible working including pay and benefits Employment terms and conditions Efficiency of taxation and accounting related to reward
In addition, we could also usually carry our constructively critical review of how reward is managed, including: What resources are dedicated wholly or partly to reward? The extent and effectiveness of current advisors, data providers and outsourcing contracts. The channels, frequency and effectiveness of internal communication related to reward.
The various elements of our review of the current situation can be undertaken as an integrated or standalone approach. Evaluating possible new internal reward strategies We will work with you to help identify possible new reward strategies or components thereof, and to cost any transition and on going costs and benefits in moving from your current reward strategy. To accomplish this, we will use the reward module of our proven Risk-Cost-Performance methodology. The methodology is designed to evaluate: The risk of any particular reward strategy to business and HR strategies, values and aims; The cost of that particular reward strategy; and The impact on employee performance of the reward strategy.
Current and possible future reward strategies will be compared and contrasted in order to evaluate if and how changes should be made. Support and change execution We can work with you to help plan the introduction of any change that you wish to make to your reward strategy. This can include, for example, the design of new pay structures (both fixed and variable), communications to your employees, review of benefits and adoption of a flexible reward programme (including flexible benefits). Our team Our team includes experienced professionals, including experts in pay and benefits change management, international, accountancy and tax.

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Reward Strategy People are our greatest asset has become a clich for a lot of businesses.

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