Total Reward Audit

Traditionally reward strategies have focused on basic pay, but increasingly organisations are trying to develop a “Total Reward” proposition with an emphasis on getting colleagues to consider the true “worth” of the package outside the financial rewards. The first step is to review what is currently on offer and how relevant it is to the target audience.

• Do you know how much your benefits are costing you?
• Do you know what value colleagues place on these benefits - would benefit statements help?
• Are there other benefits you could provide that colleagues would find more attractive?
• Could you be more flexible in allowing colleagues to tailor the benefits package to their lifestyle rather than adopt a “one size fits all”.
• Consider using your buying power with suppliers to negotiate discounts for colleagues on items like computer equipment

Also consider the non financial rewards:

• Does the company provide good opportunities for learning and career development?
• Does the working environment provide for autonomy, work life balance, effective communication, recognition culture – admittedly more difficult to value but often highly valued by staff?

A Total Reward Audit will enable you to review all aspects of your colleague reward package and establish its strengths and weaknesses. You can also make direct comparisons between your reward package and those offered by your competitors to ensure you stay competitive.

CELRE can help you with the audit process which will lay the foundation, the start point from which you can progress.