An organisation’s Global Reward Strategy is key to its success, impacts on employee recruitment and retention as well as the culture it portrays both internally and externally.
Considerations when implementing a global compensation and rewards strategy:
Plan and prepare
Consider global and local practice, cultures and customs to ensure consistency across the organisation.
Assess and Evaluate current initiatives and audit your current Reward practices. This may include the pension scheme, pay schemes such as private medical cover, annual leave and or flexi time.
Use local market data for pay and benefits benchmarking.
A Global strategy is based on Organisational Values
Ensure the package offered reflects the principles of the organisations mission and values as well as aligning to their overall reward strategy.
Ensure what is developed is fit for purpose over a relevant time span.
Be clear on the organisations overall strategy to ensure organisational alignment.
Think long term, in line with organisational strategy.
Implement and Communicate your strategy
Establish a Reward team/working group and obtain organisation buy-in from those who will be involved in terms of ensuring finances are in place and the capacity of those working on the project.
Ensure there are no language barriers and that the organisation’s Global Reward Strategy is available to all staff globally.
Remember to communicate the whole value of the reward package to employees to ensure they are aware of its overall value.
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