HaRe Group: performance & reward strategy

HaRe Group Performance Reward Solutions: Performance Management - Fundamental to Business Success

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Performance & Reward Management Solutions


Fundamental to Business Success



At the root of a high-performance culture, there will be a well-communicated business strategy and the organisational capabilities to fully execute the strategy. There will also be performance measures that will explain just how effective this strategy is in meeting business goals. These measures filter through all sections of the organisation to find their place in the individual performance plans of employees. These performance plans are an integral part of the organisation's reward systems and remuneration programs.


This future-focused performance management framework is essential to many core Human Resources programs - not just employee recognition and financial rewards. Once the right strategic measures are defined, you can clearly explain what you expect from your employees and establish what you can do to help them deliver great results, as illustrated here:



Performance Management Tree Strategy for Business Success: Talent, Attraction, Motivation & Retention; Training & Development; Selection & Recruitment; Workforce, Planning & Employee Rlns; Recognition & Reward; Performance Management; Capabilities & Culture; Performance Measurement; People Strategy; Business Vision, Values & Strategy

HR PROGRAMS

  • How will you set & communicate performance objectives?
  • How will you assess, then recognise & reward the contribution of your employees?
  • How will you organise your workforce?
  • How will you select the best people?
  • How will you provide for their development needs?
 

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PEOPLE STRATEGY

  • What people capabilities will you require?
  • What performance measures will explain their contribution?
  • What will your high performance culture look like?
  • Who are your key people - how will you retain them?
  • How will you develop & reward future leaders?
 

BUSINESS STRATEGY

  • What do you want your future organisation to look like?
  • What are your critical business drivers?
  • What are the risks facing your business?
  • How will you retain and grow customer loyalty?
  • How will you achieve shareholder expectations?
  • What measures will tell if you are successful?
 

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From a reward management perspective, the ultimate goal is to create a workplace environment that is filled with cultural reinforcers and is stimulated by tailored reward & recognition programs, all focussed on the employee behaviour necessary to achieve successful outcomes.



Reward strategy & remuneration programs - alignment is critical



In creating a high performance workplace, your reward strategy and remuneration practices will be vital. Market leaders avoid "one size fits all" remuneration programs - they develop innovative ways to encourage the employee behaviour that will make a difference in achieving their particular business goals. These organisations go well beyond benchmarking their salary & benefits practices - all their reward systems and remuneration programs are:


  • Contingent on employees making a contribution, rather than just doing certain tasks;
  • Meaningful and valuable to all individuals, regardless of their function;
  • Based on objective and attainable goals;
  • Fair to all, and not based on a competitive struggle within the workplace;
  • Balanced between workplace conditions and fulfillment of individual needs and priorities;
  • Focused on efforts to serve customers and to enhance collaboration within the workplace.


Your reward strategy should be tailored to support the distinctive needs of your business; consequently, all your salary & benefits programs should be Specific, Measurable, Achievable, Realistic and Timely (SMART). In most cases, this requires a detailed understanding of what it takes to attract, motivate and retain the best people for your organisation - including separate treatments for different job families.



HaRe Group's research shows that good remuneration management will help sustain a competitive advantage in most industries - but which remuneration programs will work best for your business?



Cohesive incentive design



We encourage every employer to develop incentive plans that focus the efforts of employees on what's most important to business success. Talented people don't usually need a financial reward to work harder or smarter, but their efforts and skills need direction and in this, a good incentive plan is often effective. However, this leads to a critical point: no incentive plan can be a silver bullet - especially when business conditions conspire against the purpose of the incentive plan.



Genuine success will only be achieved with a holistic and premeditated approach that involves:


  • A clearly articulated business strategy and goals that underpin the objectives of the incentive plan;
  • Unequivocal performance expectations that illuminate the competitive advantages of the business;
  • Ongoing business commitment and tangible organisational resources;
  • Active and open and continuous support from up-line management;
  • Harmony with all performance management processes and related HR initiatives;
  • Competitive remuneration practices based on market/ industry benchmarking;
  • Employee control and minimal interference from external forces.


For more information about enhancing your organisation's performance through the development of effective reward strategies and design of practical remuneration programs, please contact Simon Hare directly by using our inquiry form.