Knowing how much you need to pay your employees for the work they do is critical. In a competitive business environment, you want to pay enough to attract people to your business, motivate them while they are with you, and keep your best contributors. To do this you need good information on what your competitors pay the kind of people you need to employ.
Perhaps your priority is to align the interests of your key people with those of your business. If so, you are likely to want to do this over the long term, so that their focus is on the sustainable, long term success of the business.
Most importantly of all, good implementation is critical if you are to realise the benefits of your investment in employee reward. Yellow Hat Reward can help you design, plan and implement the right pay and incentives mix for your business. Our areas of expertise include:
- Reviewing and developing reward strategy
- Planning and coordinating pay and bonus reviews
- Designing bonus plans
- Managing executive remuneration
- Employee recognition plans
- Sales incentive plans
- Building long term incentives