Counting the Cost of Reward
Posted on by Julie Deadman
Changes to the reward agenda have been on the horizon for a while now. The spotlight on auto enrolment has heightened importance of reward issues, and those employers at the top of their game will find it easier to recruit and retain staff if they have stimulating and enduring reward strategies.
Pay and reward makes up the single biggest cost to most employers. Although reward costs are high, recruitment costs are likely to be higher still if employers “get it wrong” and lost their talent to the competition. The corporate reward strategy needs to generate the right behaviours in staff which, in turn, will move the business forward from an outcomes perspective.
The key issue is increasingly “one size doesn’t fit all” when it comes to reward. Taking some time to research what staff value against the workforce profile and consider what can be done to meet those needs is likely to prove beneficial in the long run.
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