How to develop a reward strategy
Author: Tony Hatton-Gore
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- Consider how the reward strategy will link to the business and HR strategies.
- Understand what total reward is and why it is important for the reward strategy.
- Review the business strategy, and understand how objectives can be met through reward.
- Review the current reward offering, considering how each element supports the business strategy.
- Formulate the new strategy, taking into account that each element included in the strategy should have a purpose.
- Involve key stakeholders to ensure buy-in across the whole organisation.
- Plan the implementation of the new strategy, ensuring it is well communicated.
- Regularly check that the reward strategy is still relevant, current and effective.