Overview (cont.)
A number of studies show that pay is not necessarily employees’ primary concern. The Work Foundation found that work content and fulfilling personal goals and ambitions are both more important, and working hours are almost as important as the level of pay offered.
To ensure you continue to attract skilled staff, you should consider how your benefits package compares with that offered by other employers. Fair and competitive levels of pay are clearly central to an effective reward and recognition strategy. It is worth checking whether the package you offer to all staff meets minimum wage, equal pay and discrimination regulations to ensure effort and skill is fairly rewarded.
Ultimately, the combination of reward and recognition measures you use should establish a working environment in which people value the contributions and successes of others. They should incentivise people to work in strong teams, and focus on improving the organisation’s performance.
In order to achieve this, you should consider which competencies line managers need not only in applying rewards fairly, but also incentivising the right behaviours. They will be well placed to reflect the motivations most likely to drive their team members.
< Previous: Rewarding people
Next: How does it affect me? >