Understanding how your existing reward offerings compare in your local market(s) is invaluable when designing a new approach or addressing specific current challenges, for example in helping you to understand why you’re struggling to attract candidates or losing your best people to the competition. Benchmarking is a key part of this and we can work with you to identify appropriate survey sources, support your survey data inputs and help your team interpret the results. We can also design analytics for internal benchmarking of salaries, incentives and benefits and work with you to design a reward proposition that will enhance your ability to attract key candidates.
Equally you may be going through an unsettling period of change. We can design targeted or broad-based retention programs – short- or long-term – to reduce staff turnover and ensure you retain key talent or expertise. We can support that with communication of retention programmes and retention analytics to help you understand your current position and predict how that might be affected in future to support scenario planning and help future-proof your offering. Importantly, we will offer pragmatic advice, balancing risk with the reality that, regardless of what you do, some people will leave
Regardless of your specific scenario we can design approaches for consistent and transparent pay management, balancing pragmatic solutions with robust structure; this can include specifying (or collaboratively selecting) bespoke or off-the-shelf HR systems tools to manage salary review, bonus allocation, performance reviews, etc. We can also work with you to help implement these systems, ensuring HR staff and managers are able to manage and maintain them going forward. In addition we can design materials to help you communicate new or existing reward programs and help manage the impact of any changes to programs and structure based on the benchmarking outcomes.