Strategic Reward Management
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Strategy of a firm needs to be ably supported by appropriate reward choices to help organization gain and sustain competitive advantage. Reward is a powerful lever to change behavior, direct effort to performance goals, create desired internal culture as well as send signals to external competitive landscape regarding appropriate employee fit. Design of appropriate reward management provides choices and demands trade-offs in terms of fairness, workability in terms of ease and cost of administration and most importantly, encourage strategy-critical behaviors.
This program is designed to provide insights about strong congruence between business strategic imperatives, tactical posturing, competitive landscape of labour and reward management practices, as firms face pressures from economic, sociopolitical and regulatory context.
Pay matters. What you pay for matters. How you pay matters.
But, what pay achieves for the business matters the most.
- Principles underlying development of a total reward management strategy of a firm.
- The fine process of designing a reward system such that it meets the requirements of individuals (in terms of internal equity and external equity), the organization (in terms of meeting strategic goals and containing labor costs), and society (in terms of fairness and justice).
- Using reward management as a source of competitive advantage
In this programme, we will discuss issues around:
- Strategic reward management as a fit with business strategy and environmental conditions.
- Diagnostic framework to assess implication of existing reward policy in context of your own organization.
- Internal alignment and ability to drive value creation and enablement as well as fairness.
- External competitiveness and ability to attract appropriate talent in competitive labour market.
- Linkage to performance and ability to signal and sort appropriately
- Anatomy of pay structure
- Create reward framework in line with corporate HR paradigm, and four policy choices around internal alignment, external competitiveness, employee contribution and administration – design tailored, targeted reward system
Who should attend
Decision makers who need to manage employee cost vigorously to manage profitability and long term sustainability of business