21st Century believes it is important to present Remuneration and Reward solutions that create long-term value for your organisation, your employees, your shareholders, and the environment in which your organisation operates.
With their fingers on the pulse of leading trends and more than just money on their minds, Craig Raath and Morag Phillips, Executive Directors at 21st Century and CEO, Chris Blair, have put their heads together to compile their ‘Top Seven Tips for your 2018 Remuneration and Reward Solutions’.
Top Tip 1. Money is not everything. Have you considered EVP?
The employee value proposition (EVP) needs to be carefully considered and presented. The EVP should include more than remuneration and benefits. Employee development and career pathing remain key, alongside performance, recognition and work life balance. The culture and leadership of your company should also be a focus area. A true total reward comparison can be made and fully appreciated by employees.
Top Tip 2. Performance management as an ongoing conversation. How conversant is your organisation?
Performance management should not be dusted off once a year in a tired review. This should be a dynamic and considered side of your organisation, helping to keep employees focused and encouraging them to take charge of their own development.
Top Tip 3. Small budgets for salary increases. Have you strategized?
Strategic thinking and planning can help to create a robust and defensible spending plan of what is likely to be a small budget for salary increases. In this critical area, your organisation needs to be savvy and resourceful to attract and retain top talent.
Top Tip 4. Stakeholders and shareholders in your reward journey. How have you engaged?
Correctly engaged managers and executives are invaluable as they can support overall reward objectives and influence the everyday experiences of employees. Organised labour involvement is also an important factor in your engagement scheme.
Top Tip 5. Reward practice understanding and application. How do yours measure up?
Internal inequities create poor feeling and are far greater de-motivators than external factors. Make sure your organisation’s reward practices are easy to understand and are applied with scrupulous fairness.
Top Tip 6. Pride in your brand. How do your employees feel?
Building pride in your brand will help employees to feel valued and supported and have respect for what they do in your organisation. Happy employees will choose to stay in a job they are proud of rather than out of desperation or fear in a tightened economy.
Top Tip 7. The fourth industrial revolution. Has your organisation looked to the future?
The 4th Industrial revolution and artificial intelligence will re-define the workplace. The scope, velocity and scale of the technological revolution is already affecting industries around the world and your organisation will need a disruptive strategy to ride the unprecedented changes it will bring. Technology and economic factors are forcing rapid change in the way we do business. Use this change to create new models of work and careers and keep abreast of world trends.