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In order to have all relevant information available to you when preparing to develop your reward strategy, it is a useful exercise to take stock of your current reward package. The obvious starting place is your pay, pensions and flexible rewards package, plus any additional flexible benefits or flexibilities of Agenda for Change you are currently offering.
As well as these tangible benefits, it is useful to detail the intangible benefits that you are also offering, such as quality of work, work-ife balance and opportunity for growth and development.
The Hay Group’s public sector total reward model, referenced in the NHS Employers briefing Total reward in the NHS, highlights some of the tangible and intangible rewards that should be considered as part of the total reward package.
Once you have a complete overview of your reward offering you can begin considering the context of the external market and the overall effectiveness of your reward package.