Every employee certainly appreciates more money but often the gratitude is short-lived. Money certainly does not buy engagement or loyalty. Non-financial reward can be very effective.
Recent research shows almost two-thirds of employees are dissatisfied with their benefits package and four in ten cite a good benefits package as one of the most important qualities when they look for a new employer. What’s more, benefits typically cost 25-30% of the total people spend. Therefore, to secure and retain the best talent, your total reward offer needs to be competitive and engaging.
Tandem can help you find the right model and mix of benefits suited to your people, budget and overall reward offer.
Bonus schemes are an effective way of flexing employee costs in line with the changing shape and performance of your business. If aligned to the right principles from the outset they can be hugely beneficial but poorly designed bonus schemes can have a damaging impact on morale and engagement.
We can help you define what you want your scheme to achieve and what type of scheme best suits your business. We will design a scheme which is easy to understand and manage, and drives the behaviours and results you require.
As we’re not tied to our own in-house salary surveys we can help you source the best possible data suited to your needs. We can help you make sense of it and then utilise it to full effect, be this to aid salary decisions or put in place new pay structures for attracting and retaining new talent.
We are experienced in managing the push and pull of internal versus external salary demands at all levels of an organisation so can provide you with the tools and strategies to manage this continual pressure.
A robust reward framework is the backbone of great people practices. We can help you build a new framework or simply review and advise on your current arrangements, from assisting with job evaluation and developing grading structures to salary band design, and bonus and benefit entitlements.
We will consider how your structure aligns to your other HR practices, especially performance management, to ensure you gain maximum effect.
We understand the practical reality of designing and delivering a reward strategy and influencing your business leaders to work with you to own and deliver it. We can help you define your strategy and translate it into effective reward programmes.
We will work in partnership with you to ensure your strategy is flexible enough to move with the pace of your business but also delivers some immediate results.