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How to develop a reward strategy
ChannelJoDescription from the creator
Consider how the reward strategy will link to the business and HR strategies.
Understand what total reward is and why it is important for the reward strategy.
Review the business strategy, and understand how objectives can be met through reward.
Review the current reward offering, considering how each element supports the business strategy.
Formulate the new strategy, taking into account that each element included in the strategy should have a purpose.
Involve key stakeholders to ensure buy-in across the whole organisation.
Plan the implementation of the new strategy, ensuring it is well communicated.
Regularly check that the reward strategy is still relevant, current and effective
Understand what total reward is and why it is important for the reward strategy.
Review the business strategy, and understand how objectives can be met through reward.
Review the current reward offering, considering how each element supports the business strategy.
Formulate the new strategy, taking into account that each element included in the strategy should have a purpose.
Involve key stakeholders to ensure buy-in across the whole organisation.
Plan the implementation of the new strategy, ensuring it is well communicated.
Regularly check that the reward strategy is still relevant, current and effective
About this tutorial
Jo published this 1:31 video tutorial on November 14, 2017. It has been watched 86,526 times on YouTube.
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