Reward practice analysis
Does any of below questions resonate with you?
Do you have a clear plan in place for how to develop and communicate your reward practices?
Do you have the correct benefits in use?
Does your bonus plans support your strategy execution and performance management?
Are you experiencing competition for talent, and worried about not having optimized rewards?
Do you provide non-monetary rewards, such as career and development opportunities?
What is reward practice analysis?
Put in a simple way, it is about identifying and analyzing your current reward practices, and then proposing a realistic development path for your company to move towards the desired position. Your reward practice is not about the level of your salaries, its about understanding what reward elements you have in place now, what you are missing and how to get the missing elements in place.
When companies do not have their own dedicated person in HR managing rewards, it steers companies to focus on managing current reward practices in the best possible way. Being effective with limited resources is good, but we often see also the downside of this. Current practices soon become old practices that are in place because “this is what we always have done”.
Why is it needed?
To systematically develop your reward practices, you need a plan. This helps you schedule and plan the needed work. A prioritized development plan that takes into account your current situation, company culture, needs, and what is realistic to implement. Development of reward practices is realistic only if you have a clear understanding of at least following:
Your current status: What reward elements do you have in place? What supporting processes or tools do you have in place?
Your business needs: Do your current reward practices best support your strategy, talent and performance management? Is there a need to implement some new elements or processes?
Costs, resources and time plan: What changes would be ideal and what would be realistic? When can we implement changes? Do we have the budget?
What is the end result and how do we get there together?
We have a structured approach to a reward practice analysis. We start with (step 1) identifying and analyzing your current reward practices and then move to (step 2) prioritizing your development needs. Step 1 is done by reviewing your current reward elements and processes against our common rewards framework. The work is done interviews with the customer and by reviewing materials, process descriptions etc. Step 2 is completed in a dialogue with the customer to ensure development plan is realistic and fit for customer need.
As an outcome we build a priority list for development actions for next 12+ months. Priorities are set together with you, remembering to also consider your resources for implementation. We give you clear recommendations on how to move forward with your new plan.
