Performance and Reward Management
Is poor performance costing you? We build fair, structured frameworks that motivate
your team and protect you from difficult conversations going wrong.
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.
What This Means For Your Business
Getting performance and reward right has a direct impact on the things that matter most to you as a business owner.
- Reduce turnover. Employees who feel fairly recognised and rewarded stay longer, taking less of your training investment with them.
- Improve productivity. Clear expectations and structured feedback give your team something to aim for.
- Protect yourself. A documented performance framework gives you the foundations to handle capability issues properly, reducing the risk of disputes going wrong.
- Attract better people. A compelling reward offering helps you compete for the talent you need, even without the biggest salary budget.
Not sure what reward management involves or where to begin? Read our guide to strategic reward management to understand the principles before exploring how we can help.
What is Performance and Reward Management?
Performance and reward management is the process of setting clear expectations, measuring how well people meet them, and recognising or rewarding the behaviours and results you want to see more of.
Done well, it is not about policing your team. It is about building an environment where people understand what good looks like, feel valued when they deliver it, and know what happens when they do not.
Reward does not have to mean pay. For many employees, recognition, career development, flexibility, and a sense of purpose matter just as much as their salary. A well-designed framework accounts for all of this.
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
What Centric HR Can Do For You
We work with SMEs to design and implement performance and reward systems that fit the size and culture of your business. This includes:
- Reviewing how performance is currently managed across your organisation and identifying where it is breaking down
- Designing or refreshing appraisal and review processes that managers will actually use
- Supporting capability management, including documentation and handling underperformance fairly and legally
- Training managers to have difficult conversations with confidence
- Identifying skill gaps and putting succession and talent plans in place
- Reviewing your current reward and benefits offering and recommending improvements based on what your employees actually value
- Helping you build an Employee Value Proposition (EVP) that supports recruitment and retention
Top Retention Drivers – Employers vs 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 |
Why It Matters
Most businesses know when performance is a problem. Deadlines slip. Team morale drops. Your best people start picking up the slack for those who are not pulling their weight, and eventually they get tired of it.
The businesses that manage this well are not necessarily doing anything complicated. They have clear frameworks, consistent processes, and managers who feel equipped to have the conversations that need to happen.
If that is not where you are right now, we can help you get there.
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
Performance and Reward
We can review your organisational effectiveness and make recommendations for change with a tailored approach.
Contact us for more information.
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.."
Ready To Get Started?
Or call us on 03333 660 567 or email enquiries@centrichr.co.uk
