Reward Strategy, policy and procedure has traditionally been seen as important for recruiting, motivating and retaining staff. More recently, leading organizations have begun to consider how the right reward strategy can contribute to achieving the organization’s mission and objectives.
The reward system also forms part of an organization’s culture, and can be an important way of communicating with staff about what the organization considers important. Having a reward strategy helps ensure that the right messages are conveyed. Pay policies tend to focus on remuneration administration as distinct from other aspects of people management. In this sense many reward specialists would not view them as offering a strategic approach to reward management.
Total Rewards therefore have to be designed keeping in mind the big picture, rather than by considering each element separately. It has to be in tune with what goes with the company’s business and HR strategy, and with clarity on what aspect an organization wants to differentiate as an employer of choice.
This course has been designed to identify the major factors that need to be taken into account when developing an effective reward strategy aligned with company overall strategic goals, policies and performance standard
This course provides a practical introduction to the process of reward strategy development through action planning, real-world case studies and group discussions. You’ll gain the skills, theory and specialist knowledge needed to implement effective reward strategies, and associated processes, to build on your organization’s success. You’ll discover the theoretical and practical issues in developing a reward strategy, and how to develop your own reward strategy unique to your organizational circumstances.
Benefits to Organization
Improve employee and organizational performance with a competitive reward strategy to gain maximum return from your reward investment.
Accountability for all policies relating to internal transfers. This will include knowledge of immigration, expatriate taxation and mobility practices
Provide strategic direction and leadership on the development of HR policies
Develop and lead the implementation of related policies and procedures and systems to support the growth of the company and delivery of People strategies.
Provide expert advice to the leadership and annual remuneration processes ensuring the processes are fair and equitable and in line with the reward strategy.
Impact access the equality and diversity impact on all HR policies.
The development, delivery and regular review of the HR unit business plan, budget planning, workforce plans, risk register and equality and widening access plan.
At the end of the training participants will be able to:
Understand the fundamentals of reward strategy, its reasons, and business drivers of reward strategy
Learn what are the organizational reward principles and elements of reward strategy
Understand how business environment impact reward strategy and its design
Identify the evidence based criteria and guiding reward philosophies
Learn to Develop, Implement and Action Plan to Reward Strategy
How the reward strategy can be aligned to your workforce
Who Should Attend?
The course is suitable for those in the private, public and voluntary sectors.
Directors for Reward and policy Department with responsibility for remuneration strategy, policy and development.
Senior HR Managers
Strategic HR Managers
Day 1: Introduction to Reward Strategy
What is a reward strategy?
objectives and success measures
Why should have a reward strategy?
Business Drivers for a Reward Strategy
Organizational Reward Principles
Elements of a reward strategy
Learning and Career Development
Spotlight on practice: labour market assumptions
Day 2: Understanding the reward environment
Business environment and organisational needs
employee motivation and needs
Reward strategy design
The Total reward Strategy
How Total Reward Strategy links with other HR programmes
Developing the plan, tools, communication, success measures
Reward system and policies
Managing the change process
Spotlight on practice: Oxfam’s options framework
Day 3: Reward components, Evidence Bases Strategy Design and Reward Philosophy
overview of reward tools and techniques (as appropriate for the group)
Evidence-based strategy design
understanding the framework
evidence-based success criteria
How to Measures
Guiding principles – examples
Day 4: Developing, Implementing and Action Plan to Reward Strategy
The process of developing a reward strategy
What is the current practice
Implementing your reward strategy
Identifying the barriers to success
Identifying the Enablers
Develop the first building blocks for your reward strategy
Spotlight on practice: Merlin’s points system
Day 5: Aligning the Reward Strategy with Your workforce
Base pay and salary structures
Compensation and Benefits
Identifying markets and comparators
Methods of payment
10 common mistakes in planning and executing a reward project
Final Discussion and Notes
Training and Evaluation
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