Creating a competitive reward approach - podcast 41

 
 
 
 
 
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Date: 24 March 2010
 
Duration: 20:06
 
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Philippa Lamb talks to Charles Cotton, CIPD’s Public Policy Adviser for Reward and to three guests representing very different organisations, about their strategic approaches to reward. The guest speakers are Colin Miller, Reward Manager at Kent County Council, Misty Reich, Vice President of HR at KFC UK and Robert Wigmore, Compensation and Benefits Specialist at Munich Re UK Shared Services. First Charles talks a little about the latest CIPD Reward Survey. He describes how reward and retention in the public and private sector may change as we emerge from the recession. Charles disagrees with some who say that pay is not a motivator: listen to his amusing anecdote to prove his theory. Some non-financial benefits will also play their part in the more flexible and imaginative reward packages of the future. There is a link to the CIPD Reward survey 2010 at the end of the shownotes

Kent County Council moved away from the national pay scheme some twenty years ago, but has been looking at improving how they reward their employees. Colin Miller describes how they are doing this by introducing ‘total contribution pay’ which doesn’t cost more but is, in the end, fairer and meets the approval of the trade unions. As always, communication is very important and KCC chooses a wide assortment of methods.

At KFC, Misty Reich says that prioritisation is key. In her industry with its tight margins, flexibility and innovation play a big part in staying ahead of the competition. Retention of core employees doesn’t seem to have taken a hit.

Rober Wigmore at Munich Re UK has moved away from the classic methods of compensation. Again, flexibility is a large part of his company's pay offer.

Useful links


Reward management 2010 - the survey Charles discusses, sets out the findings of the CIPD's ninth national survey of reward management policy and practice. The analysis is based on replies from 729 employers in organisations across all industrial sectors.

At the end of 2009 the CIPD produced a report called Managing reward risks: an integrated approach, it contains much useful information for senior HR people involved with reward and suggests a more systematic method.

You may also be interested in our latest research on employer branding and total reward

The CIPD website has a wealth of information on reward on the Reward subject page and most of it is free to download.

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