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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Describe strategic remuneration Strategic remuneration attempts to address issues: |
What are the organisational GOALS What must the employee do ACHIEVE the goals ? HOW will there remunerated for achieveing these goals? |
GAH (3) |
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The alignment of remuneration to the organisation's strategy Factors influencing the remuneration to the organisation strategy |
Business process Organisational culture Business Strategy Organisational structure Human Resources System External Laws and regulations |
BOBOHE |
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Segments of the remuneration strategy |
Pay philosophy Pay assesment Pay delivery Pay form Pay plan design |
PADFP |
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Types of remuneratyion strategies |
Defender strategy Analyser strategy Prospector strategy |
PAD |
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What is remuneration strategy? Specific reasons & matter of importance as to why a remuneration strategy should be implemented: |
Remuneration strategy is a COMMUNICATION TOOL explaining the organisation's intention regarding remuneration. Remuneration strategy INDICATES the organisation's INTERNAL EQUITY & INTERNAL ALIGNMENT of job structure Remuneration strategy indicates the organisations CURRENT POSITION in relation to external market and external competitiveness. Remuneration strategy communicates information about the REMUNRATION OFFERINGS & PURPOSE for the specific offerings. Remuneration strategy POTRAYS the alignment to the organisation's mission , goals and strategy |
CICRP (5) |
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Building blocks of remuneration strategy: |
Remuneration rationale/purpose Intention statement Guiding principals /values Action plan |
RIGA (4) |
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Remuneration stategy guiding pinciples: |
PROVIDE a variety of employee benefits.
RECOGNAISE all employees and not just outstanging individual performances
Ensure EXTERNAL EQUITY by conducting remunration surveys & benchmarking for internal purposes.
LINK rewards to individual contributions and performance Ensure REMUNERATION POLICIES AND REGULATIONS are linked to the organisational goals Ensure REMUNERATION POLICIES AND REGULATIONS are linked to the organisational goals Ensure REMUNERATION PAKAGES ARE COMPETITIVE and succeed in retaining , attracting and motivating employees. |
(PRILEC) |
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What to consider when developing a rremuneration strategy? Types of strategies: |
Prospector Analyser Reactor Defender |
PARD 4 |
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Key charecteristics of a well defined remuneration strategy |
The strategy ALIGNS to the organisation's strategy (vertical aligment ) and the HR horizontal alignment It REINFORCES organisation's values and SUPPORTS the achievement of business goals by defining the way forward in achieving both aspects. The strate=gy clearly stipulates the OBJECTIVES of the reward strategy The strategy includes the remuneration PHILOSOPHY which clearly depict how both organisation and individual needs are met. The strategy incorporates the RESOURCES & SERVICES required including the financial considerations regarding the the executions of the remuneration strategy The strategy should consider the AFFRODABILLITY OF the remunertion strategy The strategy consists of an ACTION PLAN for implementation, communecation & maintainance The strategy should consider the POSSIBILLITY OF FUTURE REVIEW & ADJUSTMENT |
AROPERAAP |
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When applying guiding principl;es the fundemental values will be met: |
Fairness Equity Consistency Transparency |
(FECT) 4 |
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Steps in the development of a remuneration strategy |
STEP 1: Analyse current situation STEP 2 :Review remuneration policies and objectives STEP 3 : Determine gaps and develop strategies STEP 4 : Implement and review strategies STEP 5 : Communicate strategies |
ARDIC 5 |
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Steps in the development of a remuneration strategy Analyse current situation |
Business Employees / Union needs Link with HR Culture /Values Social / Political context
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BLECS |
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Communiocate the remuneration strategy An effective coomunication process might assit with the folowing: |
Enables the collection of information from emloyees needs and wants Adds to the percieved fairness of pay Resulting in improved business turnover and profits Improves employees attittues and performance Streamlines the administration process Adds to the percieved fairnaess of pay Enhances the organisations vision , mission values and culture Enhances the public image of the organisation as a cunsultative , participative organisation. |
EARIESAE 8 |
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Differnt types of remuneration stratergies |
Market lead strategy Market lag strategy Market macth strategy Flexible strategy Employer-of-choice strategy |
MMMFE |
