Follow Us:

Reward Strategy, Policy & Structure

Reward Strategy, Policy & Structure

  • Development of Reward Strategy, Policy & Procedure
  • Development of Pay Structures
  • Performance Based Pay Systems
  • Talent Management Strategies
  • Retention Programs
  • Skill and Competence Based Pay
  • Renumeration Audits

360People provides a total or 360 degree reward solution that is holistic in nature and fully integrated to support the overall human capital strategy. 360 degree reward covers all of the below elements and not just pay:

TOTAL REWARDS FRAMEWORK

BASE PAY AND BENEFITS INCENTIVE SCHEMES
Base salaryRetirement fundingHealth care

Perks

Package structuring

 

 

Short term incentivesLong term cash incentivesShare schemes

Recognition schemes

CLIMATE AND VALUES LEARNING AND DEVELOPMENT
Organisational climateLeadershipCommunication

Work/life balance

 

 

 

Performance managementTraining Work design

Work assignments/ projects

Career development

Succession Planning

The 360 degree reward solution starts by understanding and  unpacking the  business strategy in order to  select, design, implement and control  a set of financial and non-financial elements that support the recruitment, retention and motivation of talent.The process is called a “strategy roll down” and leads to  the reward philosophy and strategy, which can be integrated into a broader Human Capital  Strategy.

The Reward Philosophy and Strategy becomes the foundation upon which we can ensure the mixed bag of Guaranteed Pay and Benefits, Incentives, Long Term Incentives, Share Schemes, personal growth opportunity, and ad hoc recognition schemes are correctly designed, each scheme’s unique strengths being utilised to the maximum to target employee’s are focused on current, annual, medium and long term results.

360People offers the following elements and/ or support technologies to ensure a fully integrated reward and talent management solution:

  • Business strategy decode and determining the human capital implications of this.
  • Audit  current reward practices, “gaps” and challenges in terms of supporting the human capital strategy.
  • Assessment of internal and external factors impacting reward.
  • Developing/ defining the reward philosophy
  • Development of the reward strategy
  • Aligning the reward strategy to organisational values, culture and change initiatives.
  • Development of grade structures aligned to the organizational structure and culture
  • Base pay and guaranteed pay design and advice.
  • Market related reward recommendations based on our market surveys and remuneration databases.
  • Performance based pay
  • Competency based pay
  • Short Term Incentives / Bonus Schemes
  • Medium and long term incentives (Including, but not limited to, share schemes)
  • Recognition reward schemes.
  • Remuneration policy manual development.
  • Change management to support new reward programs

Our 360 approach to reward, supported by our highly experienced team of reward consultants,  ensures a unified and properly targeted reward strategy that allows our clients to maximize  the potential of their people and drive business success.