Quick take: What you need to know
- The Importance of reward management in your business is critical to attracting & retaining great talent for your team and developing their potential. Reward—particularly pay—is critical to attracting and retaining the best talent for your team, helping them perform at their best, and ensuring that they develop their potential.
- You should think about reward as the sweet spot where internal considerations for your organisation, external considerations in terms of legal obligations and market forces, and individual circumstances around a specific candidate or employee come together. This will allow you to tailor the right reward structure for your employees and business.
- Reward most often refers to pay, but can also encompass a range of financial and non-financial rewards for your employees, including recognition.
- Use a Reward and recognition template to address how you structure your team rewards and recognition. Consider the team positions, their salary, other team member positions and opportunities for career progression.
