How to take an all-encompassing approach to reward strategy
Being more creative with reward is a frequent ask for HR leaders. The pressing issues range from having a robust and competitive pay structure, flexible employee benefits that meet the needs of a diverse workforce, and a sustainable wellbeing and inclusion strategy. There is much to consider, let alone implement. As always, we want to make the process easier for our clients.
That’s why we developed Reward 360, a diagnostic tool that focusses on four key areas of total reward: pay, benefits, careers and wellbeing. Sally Elcome is Head of Rewards Services at Moore Kingston Smith and leads the team behind Reward 360. Here, she explains how the tool can help you develop a full reward strategy that’s sustainable for the long term.
What is Reward 360?
Our four-step Reward 360 diagnostic tool takes a holistic approach to your total reward offering. We’ll use it to help you develop a strategy that’s both robust and flexible, adaptable to your business’s sustainable growth.
Reward 360: the four-step approach
1. Evaluate pay
Getting the guiding principles for pay in place at the start of your reward strategy journey is critical.
Your organisation’s approach to base salary needs to tick several boxes to attract and retain top talent. It should incentivise performance to maximise engagement; be equitable to meet the needs of a diverse and skilled workforce; and be creative enough to optimise budget constraints.
Regular salary benchmarking should be at the top of the to-do list to ensure salaries remain competitive in the market. It’s also an excellent way to sense-check when considering internal pay equity — both key elements in retaining and attracting key people.
2. Ensure your employee benefit offer is fit for purpose
Reward 360 evaluates how your employee benefit offering aligns to the demographics of your workforce. We’ll consider market trends in your sector and industry, as well as the wider market, examining how they compare to those offered by your organisation.
Ultimately, we’ll identify where changes could make all the difference to your employer value proposition and your next employee engagement survey results.
3. Check career framework and pay progression
Does your career framework and pay progression align with your business values and expectations — and is it equitable?
An integral part of Reward 360 is creating sustainable strategies that align with your employees’ career progression, your retention strategy, and your employer value proposition.
We’ll ensure that you have pay equity and progression with a practical and well-designed career architecture. We’ll also consider the sustainability of the framework, assessing the link to succession planning to futureproof your business.
4. Integrate wellbeing and inclusion
Reward is not just about pay: it should also include financial, emotional and mental health wellbeing of your people. Reward 360 recognises the importance of incorporating a robust employee wellbeing approach into your total reward.
At the heart of our approach is the idea that wellbeing needs to be considered through multiple lenses for it to be entirely inclusive. While health and wellbeing support in the workplace is a fundamental part of an overall reward package, the support employers provide should not stop when an employee leaves their desk each day.
Get support to retain, reward and motivate your teams
Interested in finding out more about how Reward 360 can benefit you and your organisation? Get in touch and a member of the Reward Services team will get back to you.
