Total Reward relates to all aspects of the employment offering, including the remuneration package (base pay, variable pay and benefits) as well as the intangible aspects of the psychological contract such as career development, employment security and working environment. It is a key component of any Employer Brand through which an organisation establishes its competitive position in the labour market and hence determines its ability to attract, recruit, retain and motivate employees of the required calibre.
The remuneration package is, for many organisations, the single largest cost element and achieving an appropriate reward and remuneration strategy is critical. Managing remuneration effectively is also critical if internal equity and external market competitiveness are to be preserved.
EMA can help design and implement:
- Total Reward and Employer Brand strategies
- Remuneration strategies
- Job Evaluation systems
- Salary Benchmarking for Boards, Executives and other staff
- Pay and grading structures
- Benefits packages
- Performance management systems linked to pay
- Equal Pay Audits