Reward Strategy Consulting

Developing a reward strategy

As a key part of employee engagement, this vital step involves deciding what your strategy is and how rewards will support and work effectively with your other HR systems. This gives you an overall framework linked to your business strategy, which is exactly what our reward management consultancy will help you work towards achieving. This step is about assessing characteristics and behaviours that will help you achieve your intended direction (for example, treating people openly and honestly, or building cooperative relationships with suppliers); and also setting expectations around individual behaviour and reward options. Speaking to a pay and reward consultant here at Paydata will go a long way to forming an effective reward strategy for your business.

Introducing a grading structure

Whether you need a single grading structure, career families or job families, we can find an approach that works for you. We can provide a modified job evaluation system or shape a bespoke scheme to fit your needs; the main thing is building something robust, but simple to use and maintain.

Determining fixed pay (base salaries)

Determining variable pay (bonuses and incentives)

With decades of practical experience, we can help you develop variable pay systems or long-term incentives, with arrangements that drive behaviours to meet business objectives. Developing an employee reward strategy, for you and your business, is one of the most important aspects of safeguarding the future of the company by retaining your most valuable employees, as well as attracting the best talent to join.