It can be tricky to decide what to offer as a reward package, rewards can include anything from performance and guaranteed bonuses to long-service awards. Like benefits they help to attract talent and can ensure you are remaining competitive.
Read our top tips you need to take to build an effective reward package:
Benchmark your package against you industry/location
It’s important to know what the industry standards are for pay so that you can ensure your employees are paid sufficiently to retain them (or at least ensure they don’t start looking for a new role simply because they feel they aren’t paid enough!) This should be completed annually.
Building in bonus, commission and other incentive schemes
These are all super positive for the business and enables your employees to really be able to see what they need to do to achieve these awards. You must ensure that the tasks and targets set to achieve these awards are easily managed and measurable and that this process is communicated to those included. Keep the process simple and communicate it well and everyone will achieve.
Present and communicate well!
When considering share options or employee schemes its worthwhile getting someone professional involved in the design and implementation of them as they are never straight forward. Ensure they are communicated well and that all aspects of their benefits are realised.
Separate incentives
Think about building separate incentives for your leadership team. After all, if they are happy, motivated and engaged you have much more chance that your employees will be as well.
Build in team socials
Team days out and events are expected parts of a job these days and help to boost morale and build company culture. Consider what you do to engage your team and reward them collectively for their hard work.
Employee recognition schemes
Employee recognition schemes can be cost effective and support your culture so are very worthwhile considering, they will also set you aside from your competition when attracting new talent.
The right reward packages don’t have to cost a fortune and can really support and build your company culture. We can help you invest in the right solution to attract and retain the best employees for your business. If you’d like to discuss how you can build a reward package or look at developing your people strategies get in touch! Contact us at hello@hrrevolution.co.uk
