Quick take: What you need to know
- 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.