16 / 4 / 2014 Midnight
In this section we bring together all the elements of your reward strategy to ensure it will deliver your strategic reward principles and goals through an integrated total reward approach.
Through the development and design phase of the toolkit you will have analysed each area of rewards; considered potential changes and are now ready to make recommendations. At this stage it is important to reflect on your conclusions to ensure you have a fully integrated and clearly defined, effective and futureproof reward strategy.
Have I chosen the right reward elements?
Each element should have been assessed in terms of the extent to which it will improve the delivery of your reward principles and goals. This illustrated example shows how this can be achieved using a matrix approach. The 'ticks' represent a rating of how well the reward element meets the objective. For example one tick for partially, two for fully, three for exceeds. The rating method can be adapted to fit organisational formats.
Getting ready for implementation
In order to prepare for phase three 'Communication and implementation' you will need to consider each proposal to assess the resources required to make it happen and the ease or difficulty of making it work. Some of the changes may benefit from a pilot test in part of the organisation and a more detailed risk analysis; we consider this in more detail in phase three.
The impact of changes template is a simple tool for comparing each or your proposals in terms of relative delivery of your strategic reward objectives, but also the relative ease or difficulty of implementing the changes. These considerations can be used to confirm, compare and prioritise proposals in each area of reward ready to develop your communication and implementation plans in phase three.