Reward strategies must be anchored in business reality to be effective. This means linking it to your business strategy – and the needs of your employees as well as your organisation.
A total rewards strategy can help organizations vary the size and allocation of their total budget in line with business needs, financial constraints and talent requirements. Employers can better align rewards with employee preferences to get the best value for their spend, promote specific behaviours and drive higher productivity. And they have the flexibility to segment and differentiate rewards for different employee groups or parts of their business.