In February 2001 B&Q, the UK's leading home improvement retailer, embarked on a root and branch shake up of its reward strategy and policies. The pretext for switching from a fairly traditional pay scheme to a total reward system was a desire for better strategic alignment of reward programmes with its business objectives in a labour market environment of increasing diversity and changing social values.
As part of a two-year review, B&Q has put together a broad total reward offer that goes beyond standard remuneration by embracing the total work experience. The retailer's new strategic perspective seeks to reinforce desired behaviour in employees and at the same time create a compelling value proposition.
This in-depth case study by e-reward.co.uk investigates eight key strands of the review which has redefined the entire premise of how B&Q rewards, recognises, recruits and retains employees:
development of a new reward philosophy
new employment value proposition
store team bonus
new pay and progression arrangements
total reward statements.
For more details see our review, published in the 'News' section of e-reward.co.uk, 21 June 2003.