1. Reward Strategy in Context
This chapter explains how and why a reward strategy can be a crucial tool for your organisation and proposes a step-by-step approach to creating one that fits your requirements. The premise that a 'one size fits all' solution in comparison to a reward strategy that integrates with and supports your overall business strategy is consistently asserted, and useful examples reinforce this stance.
2. Reward Theories
This chapter provides a succinct overview of the theoretical landscape that has influenced the discipline of reward management including reference to the key sources of reward theory and thinking in terms of economics, employee relations, as well as the psychological and holistic perspectives on this subject area. The concept of motivation is investigated and further reading sources suggested. To place this information into context, some conclusions on the application of reward theory and thinking in twenty-first century organisations is also included.
3. Reward Strategy in the Public Sector
This chapter examines the specific opportunities and constraints that arise when developing and acting upon a reward strategy in the public sector, with examples from day-to-day current practice.
4. Reward Strategy in the Voluntary Sector
This chapter examines the specific opportunities and constraints that arise when developing and acting upon a reward strategy in the voluntary sector, with examples from day-to-day current practice.
5. Job Evaluation and Grading
This chapter explains 'job evaluation' and 'grading': both building blocks that can be used as tools to support the process of identifying the value of a job to an organisation and a method of grouping jobs together for the purposes of allocating some form of reward. Whilst there is no legal requirement that all organisations have these systems in place, there are regulations to control equal pay and both 'job evaluation' and 'grading' have a part to play in this regulated area.
6. Pay Structures
This chapter discusses the central concern in the reward management of pay. It is written from around the basic, underlying principle that a 'reward' must equate in some way to the effort involved in delivering the work. Topics that include Allowances, Pay Setting, Pay Progression and Variable Pay Systems are described and illustrated with case studies and examples of good practice.
7. Public Sector Pay
This chapter examines the specific opportunities and constraints that arise when considering pay in the public sector with examples from day-to-day current practice.
8. Voluntary Sector Pay
This chapter examines the specific opportunities and constraints that arise when considering pay in the voluntary sector with examples from day-to-day current practice.
9. Flexible Benefits
This chapter provides an overview of flexible benefits - an approach which allows employees to choose the benefit, or level of benefit, that suits them best. An increasing number of organisations are adopting these schemes because of the flexibility it offers employees and to make the value of benefits transparent. Tax and legal considerations, alongside administrative issues, need to be considered before embarking on implementation of a flexible benefits package and this chapter will supply the confidence to ensure your endeavour is successful.
10. Company Cars
Company cars remain a benefit valued by many employees in organisations of all types: private sector, voluntary organisations and, to a limited extent, the public sector. This chapter considers why cars are provided, what cars are assigned to whom, methods of car acquisition and ownership, cash allowances, taxation of company cars, current trends and Health & Safety at Work.
11. Employee Benefits
Many employers will seek to provide a comprehensive package of employee benefits to ensure the welfare and productivity of their workforce. Principal among these is a range of benefits relating to the health and welfare of the employee population and their dependants, commonly known as healthcare and group risk benefits. This chapter deals with each of the main components that make up this package of benefits.
12. Pensions
This chapter outlines the Pensions situation as it has been and the changes to be expected in the near future. For the reward manager, pensions are now, more than ever, a crucial element of the reward package and this chapter will prepare you to make the appropriate decisions to support your employees' plans for retirement.
13. Share Plans
This chapter describes share plans; an increasingly popular means of retaining and incentivising employees. The varied options for employers, ranging from generic Inland Revenue approved all-employee share plans to highly tailored unapproved plans are explained, including information about the significant benefits in terms of tax breaks and/or human capital benefits for employers.
14. International Assignments
In a global marketplace, organisations increasingly need talented employees who are willing to be mobile and undertake assignments anywhere in the world for periods ranging from a few months to a number of years. The purpose of this chapter is to outline the key challenges organisations face in managing a global workforce.
15. Executive Reward
Executive reward in the UK is a high profile aspect of a reward manager's role. This chapter provides essential reading to ensure you are secure in your knowledge of the UK corporate governance regime, the role and operation of the remuneration committee, and considerations in connection with AIM listed, private equity, unquoted companies and the public and voluntary sectors.
16. Change Management
Change is a common feature of today's workplace. It ranges from ongoing incremental change to wholesale organisational restructuring following a merger or an acquisition. This chapter discusses this weighty topic in terms of reward management and the particular considerations that need to be thought through to assist your organisation in times of change.
17. Equal Pay
In most organisations the paybill accounts for 70-80% of the day-to-day running costs, yet in terms of effective use and application of resources it is one of the least well managed. This chapter seeks to put equal pay into a business context that will be more acceptable to those who control the budgets behind staffing. It provides the pointers and tools that, if effectively deployed, will avoid the need for the disruptive and costly effort that an equal pay claim defence entails.