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Rebuilding your reward strategy
| Guest post by: Guy Rigby |
Article Overview: In the middle of change it can be easy to overlook the impact that restructuring has on reward strategy. We all know that having up-to-date and flexible people practices is vital to support business objectives, but many businesses forget to review their reward approach as their business grows and changes. Here's our six stage model for checking that your reward systems are still up to the job:
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Free Download - Is your business ready for the next move? By Guy Rigby |
Rebuilding your reward strategy
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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Article Tags: benefits, business objectives, incentives, reward systems
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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   Is your business protected Rebuilding your reward strategy Ten key hooks for investors in early stage businesses Is your business ready for the next move Protecting against fraudulent financial reporting |
Related Forum Posts
Looking for Mentor - referral directory / reward program
- Hi all,
Hope all doing well.
I am in the process to start a new internet based business referral directory aligned with a local community development reward program.
Ideally, I am looking for a successful entrepreneur with some back ground on business directory and/or reward programs.
Looking forward to hear back for the forum,
AM
Re: Do Women Play the Stock Market?
- Hi Aneshia,
[quote="AneshiaYS":1lz5khur]I implement a strategy for risk management[/quote:1lz5khur]
I'm glad to read this. I think it's the most important part of investing. "Diversify" and have a clear "exit strategy" - ah yes, but "following it" is the hard part and if you have a strategy to induce your clients to follow the strategy, I should think it would be an excellent service.
Re: How do we stimulate more forum activity and interest?
- Hi GT,
I think we have touched on this problem before and I’m sure it is a cause for concern for Evan and yourself. I don’t know how many new members we attract every month but there has to be a reason why they are happy to introduce themselves and then largely disappear from the topics apart from a few who remain active.
The quality and resources of the forum are first class so there has to be something perhaps as David has suggested to reward activity but it can be hard to police this.
Is their perhaps any mileage in a reward purely for the highest number of posts by a non moderator member as well as the overall winner or maybe a member of the month award.
I don’t really have anything unique to offer but I am off to Spain for a week tomorrow and will see if anything comes into this gap between my ears while I am away.
regards,
Mal.
Need Help Growing?
- One resource that I've found to be extremely helpful was calling the Business Development Bank of Canada (BDC). I've met a lot of top business owners who have used the BDC for various reasons (i.e. sales/marketing strategy, training, foreign development, etc) and all say it was a massive help.
The BDC will usually help you create the strategy using industry specific consultants and then not only help you fund the consultant's work but also the strategy. Their loan terms are little higher than banks but they’re a lot more easy going and understanding than regular banks.
Strategy People
- Greetings all!
Recently I have come to the understanding that I am severely lacking strategy. I have many, many tactics on how to make money with my business but without a strategy to implement those tactics I'm spinning my wheels.
Has anyone found someone who is a great strategist for their business? There are lots of 'readable' resources around but like more entrepreneurs, I'm too busy thinking of ways to make money for my business rather than learning strategy. So, for me the best thing is to find someone who can help guide my business in strategic planning. Someone who can supplement my strengths with their own.
As an extra question, is this a common trait amung entrepreneurs? How many here are good at strategy? If you learned to be good, how did you learn?
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