Outlines the main characteristics of strategic and total reward, and looks at designing and implementing a reward strategy across the organisation
'Strategic reward' takes a long-term approach to how an organisation’s reward policies and practices balance and support the needs of both the organisation and its employees. The concept of 'total reward' covers the tangible and intangible aspects of work that people value and may form part of a reward strategy.
This factsheet examines how to create a reward strategy, covering the reasons behind it, how to implement it, and offering guidance on key principles. It introduces the different aspects of total reward and then discusses the available approaches, as well as their pros and cons.
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Understand the basics of bonuses and incentives, the trends in their application, and how to design and operate schemes effectively and ethically
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