How to review and build a best-fit Compensation & Reward Programme
- IncludeHR Your People Partner
- Jul 23, 2024
- 2 min read
Review your existing compensation and reward offerings
- Reviewing your existing offering will help in forming a competitive benefits package as this exercise will help in identifying areas in need of improvement. Remember that you must be providing staff with their minimum entitlement when it comes to matters such as pay, rest breaks and family friendly leave, as failing to do so could leave you open to claims at an employment tribunal.
- Remember that most benefits packages look to improve on these statutory offerings by providing enhanced rates. Therefore, you should examine your current approach, making sure to take note of any perks on offer to staff, and consider where changes may be required.
Compare against your competitors
- Analysing what benefits competing organisations are offering to their employees can also help in forming a suitable benefits package. After all, benefits packages can be a successful recruitment tool and you should at the very least ensure your offerings are similar in order to avoid missing out on top talent.
- When conducting these reviews it is wise to select organisations of a similar size as it would largely be unreasonable to expect a small local employer to offer the same benefits package as a large multinational organisation. In a similar vein, you should consider reviewing organisations within the same industry as there may be specific benefits that are more common depending on the nature of the business.
Other approaches on how to build a best-fit compensation and reward package:
Employee Surveys
Consider the impact of money
Physical wellbeing
Promote mental health
Support for working families
Working time
Training - Invest in the Success of Your People
Social events
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