Imprint: Cambridge Strategy Publications

Paperback
List Price: £55.00
Format: Paperback
Extent: 124pp.
Size: A4
ISBN:  978-1-907766-08-4

The Reward and Benefits Audit
Michael Armstrong

Tags: Systems Thinking, Customer Loyalty, Organisational Leadership

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The Reward and Benefits Audit

An 8-step audit to ensure that your company can attract, retain and motivate the quality of people it needs to achieve its business goals

Most organisations have developed pay and benefits policies in a piecemeal way - adjusting them to meet short-term labour demands and the requirements of teamworking and other initiatives. Some other companies still have reacted by introducing rigid and inflexible pay and benefits structures.

Now you can review your entire reward system with this clear self-assessment audit

First use the audit to assess the effectiveness of your pay, rewards and benefits policies:

1. Do they help your company achieve its business goals?
2. Do they ensure that you retain your best staff?
3. Do they maximise your investment in staff training and development?

Move on to analyse your pay structures in relation to:

• the overall benefits package that staff receive
• the benefits packages that other employers in your region/sector offer

Finally, develop a new and more coherent pay and benefits package: a Total Reward System. Check the 12 key criteria of any Total Rewards System - how many does your company's existing reward system meet?
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The 8 steps built into The Reward and Benefits Audit will enable you to:

1. Clarify your existing pay and benefits strategy
2. Analyse existing arrangements in detail
3. Develop new policies
4. Design and maintain a new pay structure
5. Design and maintain a contingent pay system
6. Fully relate rewards to performance
7. Develop an overall benefits package
8. Manage your new Total Reward System

The audit goes behind the obvious questions to consider the cost of proposed new arrangements, where resources will come from and what the most likely problems and pitfalls will be. It includes 7 detailed Questionnaires and 7 Checklists to cover each of the key steps in the audit process - put them to work immediately as you set about creating a flexible and effective pay and benefits structure.