Additional information
by Michael Armstrong (Author)
Most organisations have developed pay and benefits policies in a piecemeal way - adjusting them to meet short-term labour demands and the requirements of teamworking and other initiatives. Some other companies have reacted by introducing rigid and inflexible pay and benefits structures. Now you can review your entire reward system with this clear self-assessment audit
First use the audit to assess the effectiveness of your pay, rewards and benefits policies:
1.Do they help your company achieve its business goals?
2.Do they ensure that you retain your best staff?
3.Do they maximise your investment in staff training and development?
Move on to analyse your pay structures in relation to:
- the overall benefits package that staff receive
- the benefits packages that other employers in your region/sector offer
Finally, develop a new and more coherent pay and benefits package: a Total Reward System. Check the 12 key criteria of any Total Rewards System - how many does your company's system meet? The 8 steps built into The Reward and Benefits Audit will enable you to:
1.Clarify your existing pay and benefits strategy
2.Analyse existing arrangements in detail
3.Develop new policies
4.Design and maintain a new pay structure
5.Design and maintain a contingent pay system
6.Fully relate rewards to performance
7.Develop an overall benefits package
8.Manage your new Total Reward System
The audit goes behind the obvious questions to consider the cost of proposed new arrangements, where resources will come from and what the most likely problems and pitfalls will be. It includes detailed questionnaires and check lists at each of the 8 steps - put them to work immediately as you set about creating a flexible and effective pay and benefits structure.
