Reward Management is concerned with how employees are rewarded in accordance with their value to an employer. This includes both financial and non-financial rewards and recognition, and includes the strategies, policies and processes used by companies to develop and maintain their reward systems.
Typical elements of a reward system include pay rates, bonus schemes, sales incentive schemes, company car benefits and medical schemes. The primary objective of reward systems is to attract and retain the best possible employees for your business and this is achieved through promoting internal equity and external competitiveness. Strong employers tend to have clarity and definition around their reward systems.
Employee rewards are important for businesses of all sizes and in most sectors and used appropriately they form a key component of your business strategy. People represent a significant cost for most businesses and appropriate use of reward systems will lead to an improved return on your investment and greater sustainability. A fully engaged and motivated workforce is a significant asset to your business.
If you need advice or support with any aspect of reward management that isn’t listed below, please contact us to see if we can help.