Total Rewards are a whole set of aspects that the organization provides to employees in exchange of their time, efforts and achievements. The remuneration includes financial components (salaries, incentives, bonuses) and non-monetary components (benefits, recognition and appreciation, development and career paths).

 

The purpose of the overall remuneration scheme is to help the organization recruit, motivate and retain talents in order to achieve its business goals. The remuneration strategy will define the required components of the overall remuneration system, enabling the organization to manage human resources effectively and achieve its business objectives.

 

Building an overall reward strategy is, in its turn, the art of combining all the ingredients together to suit the organization in the best possible way.

 

We will help to formulate a comprehensive and balanced compensation strategy that will support your business strategy and be tailored to the needs of various employee groups in the organization.

The built-in reward strategy will allow your organization to focus on performance and allocate resources needed to areas that create a competitive edge.

 

The compensation strategy will answer the following questions (and more):

• What is the level of rewards we want and can pay for in our organization, relative to the rewards provided by competitors?

• Does the reward level vary between different roles, different units and different hierarchical levels?

• What is the optimal mix between fixed wages, variable wages by performance (incentives, bonuses) and benefits?

• How do you recruit and retain talents effectively?

• How to develop and promote high-performing employees?

 

Together, you will formulate an effective compensation strategy that will reflect employees' right payments for the required results.