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Rewards Program Assessment

How effective and efficient is your rewards function?

An effective total rewards program is one that attracts and retains the talent you need, balancing needs of both your current and future workforce, because what retains is different from what attracts for many people. An annual assessment of rewards practices will look at all the factors necessary and identify weaknesses. Since rewards effectiveness involves human psychology, a single weakness can reduce or nullify the effectiveness of some otherwise great practices.

The big multinationals–the most admired ones–review their rewards practices on a regular basis. I will partner with your organisation to plan and execute an assessment of your total rewards practices and will give you a written report–a roadmap with prioritization and sequencing–for getting your rewards into proper alignment with your business and talent needs.

The following specific areas will be assessed:

  • Strategic Alignment of Rewards Practices
  • Segmentation of Rewards (by function, geography, BU, etc.)
  • Program Designs
  • Cost Effectiveness
  • Competitiveness
  • Equity and Consistency
  • Communication and Engagement

I will compare your rewards practices against a list of over 100 specific practices used in various industries, on the assumption that “what other companies do” can be followed (to avoid perception of a “gap”) or not followed if, for example, it does not align with the needs of your workforce and something else might align better.

In addition, market benchmarking can be included, using your company’s survey data.

Timing and fees depend on organization size and complexity, locations, employee groups and scope of areas assessed. Assessment fees generally range from S$3,000 for a small or midsize employer to $10,000 for a very large multinational.

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