Total Rewards Philosophy Development
Establish organisation-wide total rewards philosophy, strategies and mechanisms for various employee groups to incentivise the desired behaviours
Type
Domain
Competency Area
Workforce Engagement
Levels
Design total rewards plans and mechanisms
Translate total rewards strategy and philosophy into design principles
Identify trends from industry practices on total rewards design
Design plans and mechanisms for total rewards
Secure buy-in from stakeholders in total rewards design
Evaluate cost impact of total rewards designs
Design rewards policies that support the business
Develop processes and systems to measure effectiveness of total rewards design
Refine total rewards design
Establish organisation-wide total rewards philosophy
Establish total rewards strategies aligned to organisational vision, mission and values
Develop adaptive strategies to allow total rewards designs to anticipate uncertainty
Create alignment among remuneration plans and programmes
Define criteria to evaluate success of total rewards strategy
Review total rewards design against the articulated organisational philosophy
Determine the business viability of total rewards designs
Project future total rewards design requirements
Direct refinements to total rewards design
Formulate total rewards philosophy of the organisation
Formulate total rewards philosophy that is aligned to the overall organisation vision, mission and values
Approve the total rewards philosophy and design in view of the organisation’s overall human resource (HR) strategies
Determine success measures for the total rewards strategies
Align total rewards philosophy and business’ strategic goals
Endorse total rewards design
Establish alignment between total rewards designs and other HR functions