Reward Strategy & 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.

Reward Strategy involves designing and implementing reward policies and practices to support your organization’s objectives as well as to deliver a motivated and effective workforce.

A Reward Strategy that is derived from your Business Strategy  ensures that your organization will have the employees that it needs and that they are engaged with the company in the delivery of their roles in the way which best supports the business.

Developing your Reward Strategy involves designing and implementing reward policies and practices to support and advance organizational objectives.

Reward Strategy  provides the best means to support business strategy through both financial and non-financial rewards.

The Reward Strategy must identify how an organization intends to position itself in the competitive employee market to achieve the fundamentals of people management:

• Recruitment
• Retention
• Development
• Motivation

Both the remuneration aspect, (the pay and benefits), and the performance aspect, (the leadership of the employees), contribute to the success of these fundamentals.

Investing time in your Reward Strategy can pay dividends and It can maximize the value you get from your reward investment.

At ICAP People Solutions our Reward Consultants have experience in the development of Rewards Philosophy and Strategy, ensuring alignment with our clients’ objectives, imperatives, performance and culture.