Saimah Razak, consultant
Practically, this often means looking at the external environment to ensure that we are treating our workforce fairly whilst doing so in a cost effective way. Some organisations conduct benchmarking on a regular basis, which gives them an ongoing and up-to-date information about what their competitors are doing and how they compare. Others might benchmark at very specific times, for example when struggling to recruit to a particular role or when looking to harmonise terms and conditions.
In addition to benchmarking externally it is also very useful to capture current staff views which can be done by incorporating questions about pay and reward into a wider staff satisfaction survey. This can be daunting for some organisations but there is real value in tailoring your approach to take into account what your workforce value.
If you are interested in taking part in the Barometer 2016, click here. If would like more information about pay and reward in general then please contact us on 0203 865 6025.