June 21, 2022
12:00 pm - 1:00 pm
Reward! What is it? And why is it becoming so important for organisations looking to be Future Fit?
Reward / Compensation / Remuneration seem to be used pretty much interchangeably in organisations today. In modern organisations looking to be Future Fit, “Reward” is the term that seems to have become more universally used.
What is “Reward”?
By “Reward” we refer to anything received by employees in return for their knowledge and skills applied to the performance of work in the organisation. Reward can be any combination of monetary, non-monetary, fixed, variable, pre-defined or discretionary. Jay Galbraith of the Centre for Effective Organisations tells us that the company’s “system for rewarding people communicates what the company values to employees more clearly than any written statement.”
But, with jobs changing, skills changing, scarce skills becoming scarcer, multi-skilling, remote work and a plethora of other changes happening in the workplace – what about Reward? Are we going to have to be more innovative with Reward strategy if we want to attract and retain talent needed by the organisation?