REMUNERATION
How, how much and what you pay your people are critical elements of the HR strategy and policies. Having a remuneration strategy and related policies and practices that carry you through the good and the bad times, helps to manage not just the cost of employment but also people’s expectations and experience. Remuneration and Reward is a crucial element of every Employee Value Proposition (EVP).
In a skills-short market how you reward and recognise your people will make the difference between retaining them and having to fight to keep them. Employers who have a clearly defined strategic approach to reward and recognition are better able to retain staff while managing costs effectively. Remuneration strategy goes well beyond knowing what the market pays (your survey) and has to address other elements like appropriate benefits, incentives and non-financial rewards. There is also a critical link between reward and development. Having a workforce who feels empowered and adequately rewarded is a sure key to success. We partner with 21st Century Pay Solutions (hyperlink https://www.21century.co.za/ ) and can assist on all types of Remuneration, Reward and Compensation projects!
“Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.” – Lee Iacocca
