Reward strategy is a business-focused description of what the organisation wants to do about reward in the next few years and how it intends to do it. The purpose of the reward strategy toolkit is to provide practical guidance on the development and implementation of an effective reward strategy.
Use this toolkit to understand
What is a reward strategy.
Why organisations introduce reward strategies.
The evidence regarding the prevalence of reward strategies in the UK.
Their key characteristics and components.
What are the pros and cons.
Key ingredients for success.
The development path for designing, introducing and maintaining a reward strategy.
What the toolkit contains
To gain an insight into reward strategy, this report starts with a definition of reward strategy, followed by a description of the purpose and features of reward strategies (section 1).
The main part of the report comprises a description of the ten stages involved in developing and implementing a reward strategy (section 2).
We then show examples of reward strategy development in a range of diverse organisations (section 3).
Our report concludes with a brief listing of sources of further information (section 4).