16 / 4 / 2014 Midnight
In order to help you define what you want to do with your reward strategy you will need to ensure you have a clear understanding of your aims and objectives for reward. The work undertaken in the preparation phase will help provide the foundation for this as you will need to consider how your reward principles and goals reinforce your patient care goals, business goals and staff needs.
You will need to identify what your reward strategy objectives are, and which of these is a priority. The information you have collected on your organisation and employee needs and drivers, plus your understanding of your current reward situation will help you do this. In addition, common reward strategy goals include the following:
- they support the delivery of organisational goals
- they aid the recruitment and retention of high calibre staff
- they encourage teamwork
- they reinforce the relationship between performance and reward
- they motivate and engage employees
- they deliver a cost effective reward offering.
In order to achieve these goals the strategy should be:
- communicated effectively to all staff
- easy to access
- easy to administer
- adaptable to the changing needs of the organisation and employees
- demonstrate a clear alignment with organisational values and behaviours.
A commonly used tool to highlight reward goals and priorities is a reward objectives matrix. This can be used to list the identified reward strategy goals which can then be rated in terms of importance.
This exercise can be led by your project team and carried out by a variety of stakeholders, such as the board, line managers and other key stakeholders, either individually or within a group. It is important when completing this exercise to encourage differentiation between the goals and to not rate every goal as a ‘10’. The results from this exercise can then be compared which helps to indicate the overall priorities and the consistency of opinions.
An additional column in the matrix can be included to ask the stakeholders to rate the extent to which these objectives are currently delivered. This can start to indicate any major gaps between current practice and desired rewards.
Once the principles have been developed you can put into place measures to assess how effectively these principles are being practiced at the moment and carry out gap analysis between the current and desired states.