HR REWARD AND BENEFITS
More than a nicetohave
N
o longer thought of as ‘work’s perks’, employee benefits and reward have moved from ‘a nice thing to do’ to becoming a core part of the employment proposition. Wages, salary, bonuses and even
shopping vouchers and incentive schemes have evolved from a
hygiene factor, or ‘a way of saying thank you to hard-working staff ’, to a much more strategic focus, linked to pensions, the economy, the war for talent and financial education – from high-level pay and remuneration discussions,
to non-
tangible benefits employers use to incentivise staff, from the bottom of the business right up to the top. But the difficult situation for HR directors is that, when it
comes to conversations about bonuses and executive remuneration, HR advice has not always been sought by the board – as evidenced during the bonus brouhaha in the financial sector. Pensions decisions are quickly moving into the realms of the finance and legal departments, while health- care has morphed into a bigger strategy in its own right. With larger employers having separate employee benefits
teams within the HR (or finance) departments, to take on the bulk of the benefits administration, the threat for the HR director is that he or she could lose the strategic edge on pay, bonus and pensions decisions at board level, while becoming out of touch with the more grass-roots benefits.
4 HR Supplement September 2012 Pay and reward make up the single biggest cost to most
employers. The private sector faces the threat of another recession, while the public sector grapples with budget cuts. Without a proper plan of action and with no focus on measurable results, reward risks becoming an albatross around the employer’s neck. In short, reward is moving from the realms of HR strategy into those of people strategy,
leadership, talent and
performance management. To ensure business growth – and survival – it is no longer confined to the domain of the reward manager or even the HR director, because the issues it
hrmagazine.co.uk
Our reward and employee benefits supplement records a moment of significant change, says DAVID WOODS. For some, work/life balance is as important as pay, while many parts of the business now want a directorial finger in the pie. Fine, he says, so long as the HRD is always in there somewhere…
Fernando Volken Togni
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