Remuneration and Reward - paying for performance

Financial reward is a key factor in motivating staff - or more accurately, if it is not right it will be a demotivator. Most companies operate in an open market when it comes to pay and benefits. Advertisements carry salaries, recruitment agencies talk about potential packages to candidates and so it is relatively easy for individuals, working at all levels, to benchmark their salary against 'the market'. This is in addition to the 'bar discussions' that go on in any specialist market - although the accuracy of the figures discussed must be questioned!

In addition to salary and bonus there are other elements that motivate: financial benefits such as paid overtime, non-contributory pension and share options; non-financial benefits such as holidays and training. Whilst financial remuneration (salary and bonus) is a key element of employment incentives, it needs to be viewed as part of a larger package, which will include other benefits.

As well as providing comprehensive advice on salary levels and appropriate benefits for the sector, we can also advise companies on choosing an appropriate benefits specialist to advise on such areas as Pensions, Private Medical Cover and Share Options.

For further information please contact us.