Rebuilding your reward strategy

Guest post by: Guy Rigby
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Is your business ready for the next move? - By Guy Rigby

Stage 1: Review changes to the size and structure of your job roles

As organisations are re-built and finances are re-organised, the boundaries of many job roles are likely to be extended. Both the depth and breadth of roles may change, and effective job design and evaluation techniques will be help you re-value these roles fairly.

Stage 2: Check the validity of your pay and grading structure

Check whether your pay structure is still suited to your new structure. What will be the impact on any grades or levels? How will pay and career progression be affected?

Stage 3: Obtain accurate and current market data

As the economy starts to recover, keep your eye on market trends to reduce the risk of losing good people when the job market eases.

Stage 4: Review the cost effectiveness of your benefit and incentive scheme provisions

Are you getting the best rates for benefits? From re-broking benefits to re-negotiating bonus schemes, now is the time to 'spring clean' your benefits offering and make sure you are getting real value for money for your business and your staff.

Stage 5: Re-communicate the value of your total reward package

Many staff just don't know how much their benefits are worth. Work hard to communicate the total value of your reward package and get these messages out to your staff in clear and fresh ways.

Stage 6: Ensure your reward strategy is equal pay compliant

If you do make changes to roles and reward structures you need to check that these will be applied fairly. For larger businesses, equal pay analysis will help you to test the effectiveness of any changes made and provide a benchmark for measuring future progress.

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Is your business ready for the next move? - By Guy Rigby

About the Author: Guy Rigby

RSS for Guy's articles - Visit Guy's website

Guy is an experienced chartered accountant and an entrepreneur. A natural and driven enthusiast, he built and sold his own accountancy firm, as well as pursuing other commercial interests. He has been a director and part owner of a number of different companies, including businesses in the IT, property, defence, manufacturing and retail sectors. In an unusually varied career, he has been the senior partner of two accountancy firms, a finance director, a sales and marketing director and an adviser and mentor to many entrepreneurial businesses and their owners. He was also a joint founder of the Non-Executive Directors Association (NEDA).

Guy joined Smith & Williamson in 2008 and leads the entrepreneurial services group. His day to day activities include advising entrepreneurs and their businesses and coordinating Smith & Williamson's activities in this increasingly important market.

The articles available here are written by Guy and members of the Entrepreneurs team at Smith & Williamson.

Click here to visit Guy's website.

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