The development of a reward calendar provides the basis for effective planning of reward communications and regulatory compliance activities for a financial services organisation.
The client, a financial services organisation, had identified a need to have better communication to the broader HR team and business managers, setting out simply and clearly all the reward and performance activities throughout the year. Some turnover within the HR team created an opportunity to build a planning document that could be used to inform generalists and managers of peak times of activity as well as informing the reward resource plan.
Working with the Reward team to understand the various work streams in place through the year and the dates of key deliverables, a calendar was developed to detail the timelines and sign-off dates for:
Base salary, incentives, performance management, benefits, pensions, share awards, remuneration committees, reporting requirements, market data survey process, systems management and training opportunities.
Two versions of the calendar were produced. One provided a detailed month by month analysis of activity by work stream; a second was simply a summary picture of activity throughout the year. The calendar has provided a useful management tool within Reward, HR and the business. It has facilitated clear reward communication and helped understanding of the roles and responsibilities of the team, especially for new joiners. In addition it has improved planning for reward governance and sign-off processes.