REWARD STRATEGY
Medium term view required for reward strategy
To achieve real business results, reward professionals will need to take a medium-term focus, says Vicky Wright of the Hay Group in a recent issue of People Management magazine.
For Wright, who is group managing director at the Hay Group, the secret to success of any reward change initiative is getting the groundwork done, ensuring a good design and implementing it properly .
As she points out: This can’ t be done on a day-to-day basis.
IT to play key role in modernising reward management
For Wright, all too many new pay programmes turned sour in the past because of the problems in making them work. She is in no doubt that the future for reward lies with the more effective use of IT to provide robust databases to ease the administrative burden and improve information flows.
Reward design for administrative ease and customisation for effectiveness are twin themes that will possibly transform reward management. The reason is clear — the connection between HR transformation, e-HR and outsourcing has now fallen into place.
What is reward strategy?
Being ‘ strategic’ means being clear about goals and working to achieve them. These goals are not about introducing a new job evaluation system, or a flexible benefits policy. These are means to an end. The goal is that reward should support an employer in developing and maintaining an engaged, performing workforce through a strategy that is right for the organisation and at a price it can afford — and one that it can maintaining through volatile times. — Vicky Wright, People Management, 17 May 2001.
Want to know more?
Title: The current state of pay , by Vicky Wright, People Management, 17 May 2001.
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