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).
Given the world of Pharma is in a similar ‘war for talent’ as the Tech industry.