Reward, Risk, Compensation, and Benefits
To gain the competitive advantage, attracting and retaining key employees is fundamental to any organizations on-going success.
It is essential to be positioned competitively in terms of compensation, benefits and reward structures in the Talent market. It is also essential to understand the Risk if this is not the case. This is an investment rather than cost initiative.
The initial definition that comes to mind when discussing compensation is “what a person is paid”. Although in part this is true, it is only one aspect. Compensation also incorporates the rewards and benefits an employee is provided.
Many employees do not fully understand their total remuneration. We have seen cases when an employee joins another company for a higher basic salary only to realize that the total remuneration was less than with his previous company……..Do your employees understand their Total Reward Statements?
Without organizations being aware of their compensation positioning and not having in place a structured yet flexible compensation and rewards program, they run the risk of missing out on talent to competitors be it via new hires or worse still current employees.
We provide a Risk and Reward strategy as well as a highly effective self-service software which provides you with the autonomy to remain in control of your reward strategy.