If you want to attract, motivate and retain key talent − and drive positive behaviour and performance throughout your organisation − you must have a well-designed reward strategy that is aligned to your business goals.
Reward is an overarching philosophy to remunerate, recognise and incentivise through monetary and non-monetary means.
OIM helps organisations to design and align their reward strategies by:
- Defining and co-designing the reward philosophy and strategy.
- Developing remuneration policies to support the strategy.
- Facilitating the implementation of remuneration practices to ensure sustained support and alignment with the chosen strategy.
- Providing practical guidance to ensure that the human resources function focuses on policy development and maintenance, while line management governs remuneration autonomously following agreed guidelines.
- Reward strategy and policy design
The co-design of a customised reward philosophy and strategy, aligned with your business and human resources strategies and supported by remuneration policies and practices.
- Job and remuneration package benchmarking
The benchmarking of individual posts and/or job levels across the board against an externally selected market. This ensures external and internal equity in respect of job complexity, remuneration practices and pay levels. The outcome serves as a foundation for many other human resource processes, including performance management, talent management and succession planning.
- Variable pay structuring
The design and implementation of variable pay schemes (short- and long-term incentives) as part of the total remuneration package. This is essential if you want to attract, retain and motivate key talent, and drive and reward positive behaviour across the board.
- Mergers: Pay and benefits comparison/alignment
The comparison and alignment of pay and fringe benefit structures and practices during mergers and acquisitions in accordance with the requirements of the Labour Relations Act.
THE OIM DIFFERENCE
- Drawing on OIM’s experience, we co-design solutions based on client needs.
- We have successfully implemented reward solutions across several industries, for both medium-sized and large companies.
- Our approach is aligned with business strategy and integrates with the scorecard process and other people management focus areas in your business.
- We build internal capacity by equipping human resource functions with the necessary skills and knowledge to implement reward solutions in a sustainable way.
- The offering complements other OIM products and services.