Performance and Reward Management
At Centric HR we believe that Performance and Reward Management is an essential element within an organisation.
A performance and reward management programme is not just to retain your skilled workforce, but to keep them motivated to perform to their best of ability. Establishing reward practices which are aligned with other HR practices and the goals of your organisation can provide key foundations for attracting, retaining and motivating employees.
The CIPD Reward Management Report 2018 clearly illustrates that employees are not just looking for monetary outcomes from work.
The workplace factors that matter most to employees
*Source Glassdoor Economic Research
22%
Cultures and Values
21%
Senior Leadership
19%
Career Opportunities
14%
Business Outlook
12%
Work-Life Balance
12%
Compensation and Benefits
Top retention drivers – employers v employee view
Employer view - Talent Management and Rewards Study | Employee view - Gobal Workforce Study |
1. Base pay / salary | Base salary |
2. Career advancement opportunities | Career advancement opportunities |
3. Relationships with supervisors / managers | Trust / confidence in senior leadership |
4. Management work-related stress | Job security |
5. Learning and development opportunities | Length of commute |
6. Short-term incentives | Relationship with supervisors / managers |
7. Challenging work | Management work-related stress |
Employee Value Proposition (EVP)
An employee value proposition (EVP) is the unique set of benefits that an employee receives in return for the skills, capabilities, and experience they bring to a company and consists of:
Compensation
- Salary satisfaction
- Compensation system satisfaction
- Raises and promotions
- Timelines
- Fairness
- Evaluation system
Benefits
- Time off
- Holidays
- Insurance
- Satisfaction with the system
- Retirement
- Education
- Flexibility
- Family
Career
- Ability and chance to progress and develop
- Stability
- Training and education at work
- Career Development
- College education
- Consultation
- Evaluation and feedback
Work Environment
- Recognition
- Autonomy
- Personal achievements
- Work life balance
- Challenges
- Understanding of one’s role and responsibility
Culture
- Understanding of firm’s goals and plans
- Colleagues
- Leaders and managers
- Support
- Collaboration and team spirit
- Social responsibility
- Trust
What is performance and reward management?
Business’s today are moving forward in the right direction and changing their approach by showing a high degree of commitment towards reinforcement of reward practices which are aligned with other HR practices and the goals of the organisation for attracting, retaining and motivating employees.
Forward thinking companies realise that reward practices can help in attracting result driven professionals who can thrive and succeed in performance-based environments, whilst assessing individual needs and recognising each employee has different levels for what works for them. Hence, it is a crucial motivator and may contribute towards the enhancement of the productivity of the employees if implemented properly.
Of course, it’s not always a financial reward which motivates, it can come in various forms. It could be money added to your employees’ salary or a paid day off or an opportunity for growth or travel within the company.
Rewards can emphasis well-being by offering benefits that address financial wellness, fitness, stress relief, mindfulness and work-life flexibility, each employee could have a different need and motivational requirement.
Performance and reward
We can review your organisational effectiveness and make recommendations for change with a tailored approach.
We have extensive experience of...
Reviewing organisational effectiveness and making recommendations for change, in terms of processes, people and systems to optimise performance.
Assessing efficiencies in resourcing through effective workforce planning and assessing succession options and able to identify where restructure may be more effective.
Supporting with operational performance matters with employees in relation to capability management.
Identifying skill gaps and recommending inputs, succession planning and talent management.
Providing training on performance management, including:
- Managing performance capability.
- Having difficult conversations
- Effective 121/appraisal/review conversations.
Review performance management processes or recommend best options for implementation to suit business needs for individual, teams, divisions and the whole organisation.
Review and recommend reward and benefit strategies for businesses, assessing employee reward requirements, existing reward partner contracts and offering.
- Options for implementation of new reward packages.
- Helping you analyse the best benefits packages that help business performance that your employees will value.
"Having a good reward system helps keep employees happy, loyal to the company, and eager to move up the ladder. Rewards, like public recognition and additional pay, motivate employees to work harder.."
Why performance and reward management is important and how will it help and improve your company?
Reward management is important for any organisation as it builds loyalty and honesty, can unlock performance potential and deliver healthier financial results. Effective reward management is critical to organisational performance, it keeps employees motivated, gives them job satisfaction and retains valuable staff.
The importance of employee retention is paramount. You have to keep your best employees, and if they don’t feel appreciated they will look elsewhere, often taking the investment of your training with them. There are many ways to retain them, and reward management is integral in this fight. A key aspect of successful reward management is recognising and singling out who to reward and clear communication channels are of upmost importance to achieve this successfully.
For further information on how Centric HR can advise and implement a performance and reward management policy within your organisation please …
