Motivating and retaining your people through our Reward 360 diagnostic

Being more creative with reward is becoming more of a frequent ask for HR leaders. Are you rewarding your people properly; from having a robust and competitive pay structure, through to a wellbeing inclusion strategy that satisfies the needs of a diverse workforce?

There is much to consider, let alone implement.

The reward team at Moore Kingston Smith People Advisory have developed a Reward 360 diagnostic tool that focusses on four key areas; pay, benefits, careers, and wellbeing. This reward model considers the business drivers of business value, employee experience and cost-risk budgets to focus on the outcome.

Salary needs to achieve several things to attract and retain top talent. This includes incentivising performance to maximise engagement, having an equitable approach to pay to meet the needs of a diverse and skilled workforce, and being creative enough in your approach to optimise budget.

Step one – Evaluation of your pay

Research recently undertaken by the TUC showed the wage disparity between non-disabled and disabled workers is now larger than it was a decade ago. Getting your pay equitable across all sectors of your business is vital to ensure your people have confidence in your approach to pay.

Salary benchmarking could be something to consider at this stage. Read our article here explaining the process.

Step two – Evaluation of your current reward offering

As part of this analysis, we will consider market trends and how competitive your current reward package is, and what change could mean to your business’s way of working.

For example, how well do you help return to work from family-friendly leave, and for these individuals to navigate the missing rungs of a promotion ladder?

Step three – Career framework and pay progression strategy

Does it align with your business values and expectations, and is it equitable? We will consider the sustainability of this framework.

Increasing base pay to attract and retain your people isn’t a sustainable solution. Read our article here on the alternatives you can consider.

Step four – wellbeing and inclusion approach

We always advocate that rewards are not just about pay, it should also include the financial, emotional, and mental health wellbeing of your people.

Wellbeing should be considered through multiple lenses for it to be entirely inclusive. Health and wellbeing support in the workplace is a fundamental part of an overall reward package, but the support provided by employers should not stop when an employee leaves their desk each day.

Our four-step Reward 360 model

The Reward 360 diagnostic tool takes a holistic approach to your total reward offering, ensuring a reward strategy that is both robust but with sufficient flexibility to adapt to a business’s sustainable growth.

Get in touch

Access to the right support network that provides 24/7 support is a simple but highly effective benefit to implement and could make a real impact to your return on investment.

If you would like to know more about how we can help your business or would like further information or advice, please contact us.