Video tutorial: Why less is more when it comes to reward strategies
Reward professionals need to make time and choices around their reward strategy in order to make reward in their organisations fit for the future, according to Deborah Rees, director of consulting at Innecto Reward Consulting.
Presenting at the REBA Reward Leaders' Forum, Rees said that changes in trends and legislation meant that many companies needed to revise their strategies if they want to attract and retain staff. “If you haven’t refreshed your reward strategy for the last couple of years it’s probably time to have a think,” she said.
Such a reboot of strategy could be as simple as curating what organisations already have, she said. “There’s a need to curate that strategy and edit it so it’s meaningful. Sit down and think how can I distinguish myself as an employer from all the other companies around us."
"Less is more – all of us have a nirvana that really matters and you spend time and money on editing it and thinking about it – is it time to curate it down and think about what really resonates with the talent you want to attract?” she said.
Rees said organsiations must address issues such as gender pay gap and that using detailed analysis would allow them to develop more edited, relevant reward strategies.
“Making a difference in reward is not really about more or louder or bigger. It’s about researching the right elements of reward that are value drivers for your organsiation,” she said. “It’s not going to happen unless you really focus on it,” she said.
This video tutorial was filmed at the REBA Reward Leaders' Forum which took place on 27 April 2017.
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