Two four-minute videos featuring Trevor Warden, Korn Ferry’s reward expert, sharing why, how and when to conduct a reward strategy review. Begin 2018 with a reward strategy that engages your people and makes your company more competitive.
So, you have formulated the best reward strategy for your company. You have studied the market and your competitors. You know that your strategy is competitive enough, it’s attracting the talent the business needs. It aligns with the company’s business strategy and country’s laws and regulations. It achieves an appropriate balance between individual, team and corporate performance. But while your strategy might be moving your company neatly in the right direction – and you need to take a long-term view – your reward strategy is influenced by internal factors (business priorities, budgets, leadership readiness, etc) as well as external factors (economic, legal, social, etc) and any changes to these can take your company off course.
This year, we’ve seen the re-definition of work taking shape with the emergence of the gig economy, the millennium generation and its demand for flexibility, societal push for greater gender equality, globalisation and global mobility. While these trends will continue to change the business landscape in 2018, your reward strategy needs to respond to these challenges to meet the needs of your employees as well as your organisation. Without adjusting your strategy, you will not achieve the desired outcomes.
When was the last time you reviewed your reward strategy?
Our clients often ask us about reward strategy reviews. They want to know the when, why, what, and how they should do them. To help answer these questions, we’ve created two concise short videos. Take a few minutes to watch them and gain confidence to review, adjust or design an effective reward strategy for your business in the new year.
Video 1: The why, what and when of reward strategy reviews
Video 2. How to conduct a reward strategy review
How do you know if you have the right reward strategy for your organisation? You can quickly find out by answering 10 key questions in our reward scorecard. Get in touch with us today to use our tool and learn how you can improve your reward strategy