5 steps to put your company culture into practice with the right rewards strategy
Follow these five steps if you'd like to achieve the right rewards strategy and create an exemplary rewards team:
1) Be transparent in your communication
Establish a solid foundation of trust with your employees and set a common goal that is communicated efficiently across the business. A top-down communication across the organisation is key and leads to an improved relationship between local offices, departments, teams, and employees.
You can have more than one high-performing employee in your team, but that doesn't necessarily mean that your team is delivering. For your entire team to exceed expectations, you need to start by setting individual objectives and company goals.
Then, you require inspiring leaders who lead by example and ensure that everyone stays on track with the business strategy. A successful rewards program aligned with this strategy can help keep employees motivated and happy over an extended period.
2) Empathise with your employees
Getting your employees on-board with your rewards strategy isn't always easy. Companies are often so engrossed in their top-down communications that they often neglect empathising with their employees.
That's why it's sometimes useful to start by understanding your employees' goals, needs, and interests. Only then can you offer them a fitting rewards program and motivate them to perform better in line with your company goals.
3) Analyse and improve your rewards strategy
Once your rewards program is up and running, you need to understand if the strategy and plan you've put in place are delivering results. This means using analytics and drilling down into your people data to drive better decision-making.
Analysing your data will help you ensure that the goals you've set are being met - eventually resulting in benefits for your business and employees.
4) Choose the right technology to support your strategy
If you align your company values with the right performance and compensation management solution, you can drive a lot more than just performance. You can drive the happiness of your people.
Most HR teams are still striving to find that 'right technology piece' of the puzzle which fits together rewards strategy, individual objectives and company goals.
Following 'best practice' approach when selecting your compensation software isn't always the best route to a successful rewards strategy... but you probably already know that. Standard compensation systems rarely meet the needs of your organisation's complex processes.
5) One size does not fit all - think twice before following a 'best-practice' approach
An article by Dr. Tomas Chamorro in the Harvard Business Review already pointed out that "in the era of personalisation, when most things can now be customised to fit our needs - from social media feeds to potential dates, to online shopping displays and playlists - it is somewhat surprising that compensation systems are still based on the premise that what works for some people will also work for everyone else."
By adopting a 'one size does not fit all' perspective, companies can choose a solution that conforms precisely with their unique company values and objectives.
This article was provided by Beqom.
In partnership with beqom
We provide a Total Compensation cloud solution addressing all aspects of compensation&performance.