If you operate a large business and employ highly skilled professionals, you'll know just how important a well-organised reward scheme can be.
Compensation, benefits and reward is now widely recognised as a vital aspect of attracting new talent to a business. The reward schemes on offer can be the make-or-break during the recruitment process, setting you apart from your competitors. Furthermore, the right benefits package could help you inspire loyalty in your workforce and retain the skilled employees you value most highly.
However, a reward scheme is little use without the right person or team to plan and implement it. Juggling what's attractive to star employees with what's most cost-effective for the business is no mean feat, so it's essential you recruit an experienced and astute reward specialist.
Methods of reward
Although benchmarking annual salary and bonus schemes are an important part of any reward job, it is the additional benefits and rewards that can really make a difference. Some popular options include:
- Health and wellbeing – private medical care and stress support can keep morale high while potentially reducing the amount of sick leave required.
- Family – generous maternity and paternity leave, flexible working, on-site childcare or childcare voucher schemes are immensely attractive to workers with families.
- Financial future – in these uncertain economic times, pension schemes, share incentives or corporate ISAs can be a real draw.
A reward manager may also be responsible for arranging away days, gifts or prizes, social events and performance-related bonuses. In short, they are responsible for driving motivation throughout the company, inspiring loyalty and raising morale – and are therefore one of the most important people within your business.
Specialist areas of reward
There are various areas of reward under the umbrella term including: reward specialist, reward advisor, international mobility coordinator and compensation and benefits specialist to name a few. A reward advisor for example plays a valuable role within any HR department as they often act as the main point of contact between employees and employer, which means they possess exceptional communication and interpersonal skills as a necessity.
Our consultants are able to find reward professionals with an exceptional level of knowledge and skills within their area of expertise, and the compensation, benefit and reward sector in general. At Portfolio CBR we look for candidates whose personality and values are the best match for your business as well as their ability to fulfil the job specifications to an impeccably high standard.
When looking for the ideal reward professional we seek candidates who can demonstrate their ability to:
- Review benefit packages and bonus policies
- Carry out pay audits and conduct job grading
- Industry benchmarking
- Advise on, implement and manage changes to current compensation, benefit and reward schemes
- Adapt reward policies in line with employment legislation updates
Hiring with Portfolio CBR
If your company is looking to hire a reward professional but would like more advice and support on how to find a suitable individual in this industry for your business, Portfolio CBR are a specialist recruitment agency who can provide expert guidance for employers throughout the hiring process.
For more information on how Portfolio can help you when recruiting for reward manager jobs, contact Portfolio CBR's recruitment specialists on 020 7650 3190.