Most organisations have some system in place to assist with decision making around remuneration. This could be as little as an ad-hoc, unrecorded understanding of “how things are done around here”, or it could be a formal policy document that gives clear guidelines on how to determine appropriate remuneration for any role in the organisation. In today’s difficult market a remuneration strategy and policy can be your competitive edge in attracting, developing, retaining and rewarding the best employees. At the very least it is important to ask, “Are we getting value for money out of our remuneration spend?”
Creating a remuneration policy involves matching your organisation's overall values and strategy with its remuneration strategy.
- How does your vision, values and strategy influence your remuneration strategy?
- Where does your organisation want to position itself in relation to the remuneration market?
- How often are remuneration packages reviewed?
- On what basis are salary increases granted?
- Will a remuneration banding system help to simplify the remuneration strategy?
- What benefits will be available to employees?
- Will these benefits be optional and can they be cashed up?
- How do we reward and encourage high performance?
- Will your organisation offer performance based or at-risk pay?
To find out more, please contact Jarrod Moyle.