The right package delivers real, tangible value for employees and the employer
Reward Strategy Review and Design
Understanding your needs
A documented reward philosophy and strategy will provide a ‘golden thread’ and point of unity which integrates all of the individual reward components and ensures that they are working together as a single integrated package to maximise the benefit for the employee and the business.
The intent is to help ensure that the overall package has a tangible value for both employees and the employer.
Blick Rothenberg Total Reward Framework
Our Total Reward framework is an integrated blend of components that combine to represent your culture as an employer and which attract and retain your desired talent pool. This means that you may focus on some elements above and beyond others to create a ‘mix’ and focus that is unique to your business.
Fixed Pay – Salary and any guaranteed bonus/cash amounts
Benefits – Financial, Physical & Emotional Wellbeing
Variable Pay – ‘Pay-at-Risk’ – Annual bonus, LTI – Cash & share plans, Other Incentives
Growth – Training & Development, Performance Management, Career Advancement
Employer Context – Company & Job Purpose, Employer Brand, Leadership Quality
Many organisations do not have a documented reward philosophy and strategy and even where they do, it may have been developed five or more years ago when the world of work and employee expectations were very different to today. For example, it may not have been reviewed in response to hybrid working, increased emphasis on fairness or transparency or the ongoing high inflation/ low growth economy that persists in many parts of the world today.
How we can help
We have a proven and flexible methodology that has been deployed by our people in a wide range of organisations over the years and which is intended to consider business and employee needs and preferences as well as market practices and trends.
Our team are able to support clients with their reward strategy in the following ways;
- Reviewing an existing reward philosophy and reward strategy to identify areas where the needs of the business and your people are/ are not being met
- Developing and drafting a new, bespoke reward philosophy and strategy that reflects the legacy and future aspirations of your business and your people
- Identifying options and evolutions to current reward practices to help deliver the agreed philosophy and strategy effectively and consistently
- Developing a prioritised change plan to deliver the required changes and supporting that change (if required) on each of the individual components
- Developing a transparency and communication strategy and ensuring that your documented reward strategy and philosophy is ready to share with employees
A Typical Reward Governance Framework
The overarching ethos and vision for how the organisation wants to reward its people.
A bridge between the way people are rewarded and an organisations values and purpose.
Brings the philosophy / vision to life on a component-by-component basis.
Defines the reward elements the relationship between them and their key design features.
Policy produced for each reward component documenting the detailed design features and guidelines on implementation and scope of any flexibility that may be permitted.
A detailed description of precisely how an individual reward component (or related group of reward components) will be accessed by an employee.