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Last updated: 12 August 2009
This is the area that is most often focused on when discussing reward, and continues to play an important part of a Total Reward approach. Areas to consider are:
Competitive Pay and Progression: The degree to which the cash (base salary and variable pay) paid by the organisation reflects pay available elsewhere
Good Benefits: The degree to which the benefits provided by the organisation (e.g. pension or annual leave) reflect those available elsewhere.
Incentives for Higher Performance: The degree to which the organisation offers additional payments (higher base salary, higher salary increase and/or bonus or incentive payments) for employees who perform better/well.
Recognition Awards; The extent to which the organisation provides specific awards which recognise specific achievements and contributions.
Fairness of Reward: The degree to which the reward package provided by the organisation can be regarded as internally fair and equitable by staff.
'I get reasonable pay, a decent increase if I perform well and a few years ago I was able to buy a really good new television with the bonus we all got for delivering the new policy ahead of schedule'
Tangible rewards are usually easier to benchmark than the other Engaged Performance® factors, because they can be valued in terms of both their features (e.g. accrual rate), and their monetary value. There is also a long history in benchmarking tangible rewards, particularly salary and benefits.
This Toolkit therefore provides more in-depth advice on Tangible Rewards than on the other factors, and this information divided into the sub-factors: