Reward is about designing and implementing strategies that ensure workers are rewarded in line with the organisational context and culture, relative to the external market environment.

It requires specific knowledge in a range of specialist areas to be able to create and shape total reward packages. This may include:

  • Executive reward
  • International reward
  • Pay and benefits modelling.

Reward specialists will need a deep understanding different approaches to reward and benefits packages, and how to ensure that approaches are in line with relevant legislation, as well as the links to organisation and individual performance. You’ll also need to know practical elements such as how to benchmark salaries and determine pay based on external market factors such as scarce skills.

Reward is increasingly vocal; it sends clear messages about what organisations value, what they choose to reward, and not reward, and how this reflects the culture and goals. Reward gets to the heart of the matter, including what employees care about, such as being valued and their career progression, as well as the usual pay and benefits. A few clicks away and potential hires and existing employees can share their experience, which is critical when attracting and engaging the best people in a global marketplace."

Sylvia Doyle, Director, Reward First® People Consulting

Reward standards

Each standard progresses through four levels of impact. Which level do you most embody in your day-to-day work?

 

Foundation level Associate level Chartered Member level Chartered Fellow level
At this level you'll understand... At this level you'll understand... At this level you'll understand... At this level you'll understand...
Reward approaches Your organisation’s reward policies, incentive schemes and approaches to reward and recognition How to interpret and administer your organisation reward and recognition approaches How to design reward and recognition approaches which attract, motivate and retain workers, and support the organisation's value proposition How to create a total reward strategy which enhances the organisation's value proposition and enables the business strategy
Salary benchmarking What benchmarking and salary/pay surveys are How to quality check survey and benchmarking methodologies, and create benchmarking data How to use benchmarking methodologies and surveys to draw insights and intelligence about the external reward environment How to use salary benchmarking and pay data to inform the people strategy, and ensure investment which balances different stakeholder needs
Executive remuneration What executive remuneration is (remuneration for the most senior managers, board directors) The different elements of executive remuneration (including share plans and bonus/incentive schemes) How to develop executive remuneration and termination packages, and create new executive reward approaches How to create bespoke executive packages, bonus and incentive plans which are aligned to the business strategy, enable attraction and retention, and mitigate risk
International reward International reward approaches (eg, tax, legal, works councils, cultural drivers) Reward models for different types of international moves (such as expat, secondment, local, local plus, relocation or spot bonuses) How to apply factors that impact international remuneration (eg, tax, legal, works councils, cultural drivers, mobility payments) How to assess the organisation value of international reward approaches, and their impact on talent retention
Employee benefits What benefits are available in your organisation, and how important they are to the total reward package Different types of benefits and the merits of each (such as pensions and healthcare) Different approaches to benefits and how to create a total reward offering which is risk assured How to create a competitive benefits offer which supports the wider people agenda and protects the future financial security of the organisation
Reward and performance The links between reward, recognition, engagement and performance in your organisation How reward and recognition can impact employee engagement and organisation performance, and vice versa How approaches to recognition and reward can impact business culture, engagement and performance How business performance, culture and leadership approach informs the reward strategy
Reward legislation Reward legislation relevant to your role The legislation that impacts reward practice (disclosure, tax, work permits, tax, pensions and benefits) How to design reward approaches that are compliant with legislation How to protect and insure the organisation from legislative changes which impact financially
Reward data and reporting Reward reporting relevant to your role, and the data your organisation uses to inform its reward approaches How to analyse organisation data to create reward metrics, and use it to inform reward reports (government, legislative, annual reports, shareholder, voluntary reporting) How to critically evaluate reward metrics, and use data visualisations and storytelling to produce reward reports with a meaningful narrative How to leverage reward reports to inform and influence people and organisation strategy
Remuneration committees (if applicable in your region) The role of the Remuneration Committee The role of the Remuneration Committee and how to prepare papers for committee approval The responsibilities of the Remuneration Committee and how to write papers for the committee How to leverage expertise to become a trusted, credible advisor with the Remuneration Committee, and gain approval for recommendations
Job evaluation What job evaluation is and how it links to reward in your organisation How to use a range of job evaluation tools and methods How the organisation's job evaluation approach impacts finances, as well as attraction, engagement and retention strategies How to lead the development of grading and evaluation frameworks, which meet the organisation's reward needs
Pay negotiations How pay negotiations work in your organisation How pay negotiations work in your organisation and sector, and your role in supporting them How to prepare for and contribute to pay negotiations in your organisation How to develop pay negotiation approaches and strategies which drive early agreement and manage organisation and commercial risk

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