Category: Reward Strategy
How to ensure your reward strategy enables progression and supports careers
Justine Woolf | 30 August 2024
When setting out to design a reward strategy, many companies will start with their core principles which tend to be fairly generic in nature: ‘We will reward people for the work they do and how well they do it’. ‘We will stay competitive in the market’.
How to use your Reward Strategy to support good performance in 2024
Simon Cook | 16 November 2023
Unlock Success in 2024: Learn Key Strategies for Aligning Your Reward Strategy.
REBA: Reward & Compensation - What are the longer-term implications of high inflation on reward strategies?
Sarah Lardner | 11 August 2023
Reward Strategy | Reward | High Inflation
The ongoing disputes around pay this year have led to months of strikes across the public sector and have been a significant barometer in a tempestuous year. The impact of the cost-of-living crisis has been catastrophic for many workers in terms of their spending power. Organisations across every sector have come under pressure to respond as employees seek higher salaries in a competitive recruitment market.
Reward Strategy: How to avoid reward structures that can inadvertently encourage overwork and poor working cultures
Justine Woolf | 04 May 2023
At Innecto, we encourage our clients to really think about who they are as an organisation, and what they are wanting to achieve when we talk about defining culture. Once that has been established, we can begin to question whether the existing reward structures are supporting or impeding those aspirations.
Reward and recognition: Are you making the most of your recognition programme? How to make it work harder to boost engagement
Justine Woolf | 17 March 2023
Recognition | Reward Strategy | Reward
In the current climate a sound Recognition Strategy is a really good way to keep employees motivated and engaged. If companies cannot afford ad hoc pay increases – and many cannot – recognition can reward staff in a way that encourages positive behaviours and reflects the company’s culture. But how can you ensure that your Recognition scheme is achieving its potential?
How to use your reward strategy to support good performance
Cathryn Edmondson | 22 December 2022
Performance Management | Reward Strategy | Performance | Reward
Every client we have is likely to want some kind of high performance culture, but where some fall down is by not making it clear enough what high performance means. For some it leans towards performance outcomes and specified KPI’s, for others around driving workers’ skill development and competency levels. It is very difficult to properly align your reward to support performance, whatever it is, without first knowing what this means to your organisation, and then getting real clarity around the purpose of each aspect of your reward suite.
20 years in Reward: how the landscape has changed since 2002
12 September 2022
Reward Consultancy | Pay & Reward | Reward Strategy | Reward
On Innecto’s 20-year anniversary, Director of Consulting Justine Woolf reflects how the landscape of pay and reward has changed since 2002.
How to use non-monetary forms of reward as an alternative to bonuses
26 August 2022
Pay & Reward | Benefits audit | Benefits intelligence | Employee engagement | Reward Strategy | Reward | Flexible Benefits
Inadequate total compensation can be a contributing factor to people leaving their jobs and sometimes there is no magic wand that non-monetary reward can wave. Having said that, it can significantly enhance any company’s offering, allow you to express your culture and demonstrate how you would like to treat your employees. Here are some key ways to work non-monetary reward into your overall package.
How organisations are aligning their digital strategy with their people strategy
19 May 2022
People Strategies are often well-considered and have the approval of the Board, but implementation and deployment are overlooked and under-budgeted. Ensure your HR digital strategy is part of your people strategy for continued success.
Maximising your pay pot spend
26 January 2022
Pay & Reward | Reward Strategy | Pay Review | Advance
Pay review and annual bonus review are notorious for being the busiest and most pressured time for HR teams. Working through the pay review process as well as keeping a company-wide perspective can be a real challenge.
Six tips to test the transparency of your reward and benefits communication strategy
01 April 2021
Employee engagement | Communications | Reward Strategy | Transparency
Perceptions of unfairness in reward, regardless of whether there is any truth behind the perception, can be extremely damaging to the culture and productivity of a business, so how can we test the transparency of our communication? Cathryn Edmondson offers six ways you can try.
What are the essential elements of a responsible reward strategy for both executives and employees?
28 January 2021
Reward Strategy | Responsible Reward
As we lead into 2021, you should consider a renewed focus on your reward strategy – looking with a fresh lens at how you make sure your reward is better aligned to the needs of your employees, your business and the wider society you operate in.
