What is it that attracts and retains talent to your organisation? Most of us aim to pay fairly, benefits have become ubiquitous with everyone offering greater choice than ever before. So, what is it about your organisation that is different? How do you reflect your culture and DNA in your employee deal? Is your employee deal attractive to the type of employee that you need and linked to your talent strategy? Are you maximising your employee lifetime value?
We look at your employee deal as comprising of four key pillars which are united by your overarching reward strategy and principles; together these elements form the engine to power performance and engagement. We work with organisations to distil or develop what they offer employees to create a distinct, meaningful and compelling employee deal that reflects their unique DNA and delivers their strategic objectives.
Working with Innecto will give you the confidence that you’re leveraging your reward spend, eliminating wastage and delivering an employee deal that attracts the best people and maximises your employee lifetime value by creating engagement to drive performance.
Put simply, working with Innecto leaves you Fit for the Future and the lead for business success.
Employee Deal
Working with Innecto will give you confidence that you're providing reward that attracts the best people, a reduction in the cost and wastage in your reward, and engaged employees who are driven to deliver a great performance.
To do that we look at your employee deal - either as a whole or an individual element.
Reward Strategy & Principles
Is performance related pay right for your organisation?
These are set by the leadership of the business and define your overall approach to pay. Getting these right will mean that other reward decisions are effective, consistent and add real value to your business.
Fixed Pay
Where does your pay sit in the market?
This is the base pay that you give your employee. Base pay generally reflects the role, experience and skills that an individual has. How much you pay depends on how you want to compare against the market.
Variable Pay
What is your variable pay doing for you?
This is the additional cash or shares that you give an employee - not normally guaranteed eg annual bonus, long-term bonus (LTIP) or sales commission. Variable pay is usually paid to reward behaviour, extra effort or great performance. Good variable pay plans closely link with business priorities and objectives.
Benefits & Culture
Does your culture reflect the type of employee your business needs?
These are the softer benefits that an employee receives when working for your company eg pensions, company car, flexible working and educational opportunities. It's also the culture of your business - 'how we do things around here'. These need to be attractive and relevant to the type of employee you want in your organisation.
Recognition
Are you using recognition as part of your reward strategy?
These are the nice little surprises you give your employees when they’ve done something well – it could be a thank you email or a sales voucher or flowers. Recognition is highly valued, particularly by the younger generation.
Performance
Is your performance management relevant to your business?
This is how you manage your employees' performance and is used to base your reward decisions. You define what is important to your business and how your employees are contributing to that. You also need to decide what is 'good' or 'poor' performance.
Engagement
How powerful would it be to have all your employees engaged?
This describes the buy in or attachment that your employee has with your organisation. It can affect the level of discretionary effort they apply to their work, and high levels of employee engagement have proven links with successful operational and financial performance.
