Everyone looks forward and expects a pay rise throughout the year. That simple increase to an employee’s salary is the result of a delicate process called a pay review.
Another way of attracting new employees and retaining your top, experienced talent is by providing an attractive employee benefit package.
I was recently at a client and we discussed the importance of having a proper pay structure in place. The director explained that in today’s job market, they do not necessitate having one in place as they are constantly scrambling to pay more to entice prospective employees and/or retain their people.
The very basic reward philosophy deals with how reward can help in achieving performance goals whilst underpinning the company’s core values.
Every business has its own reward strategy, even if not written. It aims at linking reward strategy with the company brand and organisational performance.
Whenever we think of ‘reward’ in employment terms, we often think of the salary we are giving to our people. The salary is what is referred to as the transactional (financial) reward.
