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Components of Reward Strategy
Human Resources » Compensation & Benefits


Chrm Message From: abhijeet_rawat Total Posts: 27 Join Date: 06/12/2006
Rank: Executive Post Date: 13/12/2006 02:43:42 Points: 135 Location: United States

The compensation is the most important part of the work profile considering that the primary motivation of the employee is derived from that.

Components of a reward strategy should be a fair combination of :-

1.Direct Financial
Base pay
Incentives
Cash recognition

2.Indirect Financial
Non-cash recognition

3.Identification
Organizational pride
Title, level

4.Work Content
Clear goals
Feedback
Challenge

5.Career Opportunities
Growth
Job security

Any more to add on to the above list are invited from members.

Abhi

Chrm Message From: Sharon John Total Posts: 3 Join Date: 06/12/2006  
Rank: Beginner Post Date: 15/04/2010 10:41:36 Points: 15 Location: United States

Hi,

A rewards strategy should outline your company's reward philosophy and the strategy that would be employed to align to the philosophy. Typical components included as part of the strategy are:

Strategy on market competitiveness

Strategy on pay positioning

Strategy on retention

Strategy on variable pay

 

 
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