Reward strategies and benchmarking (cont.2)
Competency based pay: Rewards the way people work, their skills and attitude, and not just what they have delivered – which may be partly out of their control in some situations.
Employee share scheme: Often used to link performance and long service to ownership of the company. Offering share ownership to employees adds a personal financial interest in the success of the company, as a part owner as well as an employee.
Benefits: You might consider alternative cost effective (sometimes tax efficient) forms of reward such as a company car, childcare vouchers, holidays, or schemes such as the Home Computer Initiative to support purchase of a personal PC.
Non-financial approaches: Consistently good performance and a willingness to take on more responsibility might make you consider an employee for promotion or extra responsibility.
< Previous: Reward strategies and benchmarking (cont.)
Next: Reward strategies and benchmarking (cont.3) >