Reward Systems

How to Navigate & Win the New Workplace Game

A turbulent business environment driven by Covid 19, inflation, demographics, social developments, digital business, consumer behaviors and emerging technologies has stressed business and operating models of organizations, and, in many cases, a new game is arising where clarity, fairness, trust, empowerment, focus and purpose are becoming critical.

The competition for scarce talent, the engagement and retaining of the existing talent along with changing employees’ preferences has put the Reward Agenda and the Employee Value Proposition firmly back and the Total Reward Strategy is shifting to focus on the human being rather than just the employee.

With five different generations in the workforce, it can be challenging to understand and balance their diverse expectations and cannot be treated with one size fits all approach. How to manage people preferences could be a key differentiator, since perceived value underpins satisfaction, engagement and productivity significantly.

The rules of the game have shifted, and employees except of competitive compensation packages, they are also looking for flexibility, meaningful jobs and an inclusive culture that allows them to unleash their potential.

The current state provides a unique opportunity for organizations to holistically rethink their Total Rewards Philosophy and Practices.

Does your business experience any of the following people issues?

• Low levels of engagement
• High employees’ turnover
• Straggling to attract or retain critical talent for the business
• Reward is not perceived as fair
• Debate around job sizes and benchmarking
• Increasing labor cost without an increase in productivity
• Reward philosophy is not aligned with business objectives
• Pay scales that are out of date
• Low perceived value of employees’ benefits and misalignment with the new way of working
• Variable payments which are not aligned with reward philosophy and Incentives that do not motivate employees

If the answer is Yes to any of the above, perhaps you should revisit your Reward Strategy and Practices.

At ICAP People Solutions, our Reward Practice helps Clients to Navigate and Win the New Workplace Game by offering tailored and workable solutions and services in alignment with your Organizational Values, HR, Business Goals and Objectives.

Why We Are Different:

• What you see is who you get: We work directly with our clients and our senior and experienced consultants provide their expertise as trusted partners.
• Bespoke approach: As independent reward consultants we have the freedom to create affordable bespoke solutions based on your needs, your competitive situation, your long-term view, as well as your budget restrictions and your workforce challenges.
• Data and methodology agnostic: We always advise using the best and most representative data for your company and industry, regardless of the source, on whatever project we are engaged in. We are not limited in terms of the data we ‘own’.
• We’ve been in your shoes. Our executives have many years of in-house experience, they are practical, creative and strategic and they use their knowledge and expertise to meet your business objectives.
• Project management: Our executives are experienced project managers, we agree the scope and timescales for the work with you at the outset of the project and we manage the work in terms of the agreed plans, doing everything to keep the project on track.
• Above all, we operate according to a defined set of values, and we develop open, honest, and ethical relationships based on integrity, trust and thought leadership.

Reward Stategy & Philosophy

A Rewards Philosophy provides the framework for the development of a Reward Strategy that is consistent with organizational mission, vision, goals, culture, and values and guides the design and decision making about how a company can attract, retain and reward its employees.

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Job Family

Job Family is a groups of jobs which have the same nature and require related but different levels of  responsibility, skills, knowledge and expertise.

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Job Evaluation, Grading Design & Pay Structure

Job evaluation is a structured process to evaluate the relative contributions of jobs and to rank them within an organization, providing a systematic basis for Human Resource decision making and employee communication.

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Benchmarking & Custom Salary Surveys

Compensation and Benefits benchmarking can provide critical data to help employers make commercially-informed pay decisions and set their own pay rates at an appropriate level without paying more than is necessary.

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Annual Pay Review Methodology & Support

A robust salary review process in nowadays can help you retain quality employees, increase engagement, encourage appropriate behaviors and performance, and stand out as a fair, competitive, and relevant employer in an ever-changing job market.

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Short-Term Incentives Plans (STIPS)

STIPs are primary used to promote productivity, efficiency of the employees as well as to enhance employee attraction, loyalty, engagement, and employer branding.

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Human Capital Metrics / KPIS

Human Capital Metrics play a significant role in developing a sustainable work environment for the workforce to aid greater efficiency and productivity and help Organizations to measure the value and effectiveness of HR interventions.

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Workforce Planning

Strategic Workforce Planning guarantees an alignment to an organization’s business strategy by identifying critical job families, roles and the capabilities that are necessary and pivotal to bridge current gaps and meet future goals.

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custom compensation surveys

ICAP People Solutions conducts custom compensation surveys, which enable clients to obtain access to industry specific jobs that tend not to be in Standard Surveys, or they need assurance that is provided through a custom salary survey.

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