Recognition and Reward Strategy 'Think Tank'

  • 6 December 2022
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Userlevel 6
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A ‘Think Tank’ category dedicated to all things Remuneration, Recognition/Award, Reward, Benefits

This is a ‘hot topic’ in HR/People at the moment with how we review someone’s Total Reward - not just their salary and ensure we are providing the support that they need to have a good overall Wellbeing. This is across Physical, Mental, Emotional and Financial.

Remuneration - Basic Pay, Bonuses

Recognition - This is non-monetary, non-gift - something anyone can give to anyone else or in some cases nomination based Awards.

Reward - These are the prizes, gifts, etc. that can come as a result of Recognition/Award. i.e. someone wins ‘Employee of the month’ then is rewarded with £50

Benefits - These are things like enhanced Pension, Insurance, etc.

 

Collectively this makes up someone’s Total Reward - which can often be quite different from one employer to the next - as some might offer higher Remuneration but few/no Benefits - the outcome being lower Total Reward (not higher as many might think).


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Userlevel 6
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@SalC - I think this might be something you would also be interest in.
Given the world of Pharma is in a similar ‘war for talent’ as the Tech industry.

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