What is Reward?
Reward may be a bit of mystery to those not involved in Human Resources. It is a sub-discipline of HR, focusing on the compensation and benefits of a company’s employees.
This means that Reward teams are responsible for devising, implementing and managing the policies for the company’s salary, bonus and incentive schemes.
This can include:
- Share Plans
- Company Car or Allowance
- Private Medical
Essentially therefore, Reward teams are the specialists within HR who hold all the purse strings, making sure employees get the right amount of money at the right time.
Why is Reward Important?
Well, the Reward team are the ones who give us that pay day feeling, the well-deserved Christmas bonus and all the other little perks. With the right compensation and benefits scheme, employees will be motivated and will sustain a high level of performance, knowing that they will be fairly rewarded.
However, retaining staff is only half of the battle. The Reward Specialists are also responsible for attracting new employees. For many people salaries and incentives are the key criteria when choosing a new position. The more attractive and competitive the compensation and benefit scheme is, the more interest it generates.
What does it take to be a Reward Specialist?
Compensation and Benefits Professionals are normally working with large volumes of data. This means that they need to be numerate, have strong analytical skills and an in-depth understanding of financial laws and regulations. To keep their policies competitive they are also required to research and analyse the salary rates of their competitors and be commercially aware.
It’s more than just number crunching though. Reward Specialists also advise HR and business executives on Reward issues, so require excellent communication skills. The strategic side of Reward involves making recommendations on policy, ensuring the needs of the company and employees are balanced effectively and potentially presenting and debating proposals to a Remuneration Committee or Business leaders.
They are also the point of contact for employee queries. This means explaining the breakdown or changes to their compensation & benefits and even liaising with government departments and trade unions on Reward issues.
The Reward Market:
With the Reward arena on the increase it is a great time to join. Over the last 12 – 18 months there has been a gradual increase in the market, with a significant upturn seen in the last nine. This momentum is set to continue with reward requirement and the need for top talent rising. Reward teams now play a key part in companies from all different sectors including; Technology, Media, Professional Services and Energy, and it is rare to see a FTSE 250 business without one.
And if Reward’s for you?
If you could see yourself carving out a career in this fast-paced specialism or are looking for your next step on the reward ladder, then check out the Reward vacancies or visit Williams Kent, who specialise in Reward recruitment and are happy to give you further information.