Reward: Getting it right!
Reward is a key tool for securing talent, boosting performance and engaging staff. How can you ensure that your reward policy is helping you get the best out of your workforce?
Pay plays a key role in determining our relationships and behaviours at work, and the level and distribution of pay and benefits have a considerable effect on the efficiency of any organisation. Research has shown that the right reward packages can be highly influential in increasing the level of engagement and productivity of employees, as well as on an organisation's ability to recruit and retain talented staff.
Having a strategic approach to pay and reward can pay dividends. Reward expert Dr Jonathan Trevor believes that 'reward, when managed strategically, is a powerful means through which employers promote employees' line of sight with managerial goals, align effort and secure desirable behaviours.'It's crucial for organisations to develop reward systems and strategies which are right for them, give value for money and reward workers fairly for the work they do. Importantly, employees need to be able to understand their employer's reward system and how they can benefit - overly complex pay scales and reward practices can sometimes be perceived as unfair and do more harm than good.
Acas can visit yourorganisationto help you understand what needs to be done to address issues related to payand reward and then work with you to develop practical solutions.
Visit the Acas training and business solutions area for more information.