TOTAL REWARD – FINANCIAL SERVICES

The issue
A UK-based insurance company was under increasing competitive pressure. Market reform and growth in offshore insurance centres were providing clients with easier access to products and services.

In response to these challenges, the company had recently launched a new vision and corporate values. Its new strategic direction included ambitious plans for revenue growth, which the company knew could only be delivered by talented people, who were in short supply and wanted to work for the best companies. However, the company’s reward strategy had not kept pace with the growth of the business and the company needed help to align the total reward package and its new vision and values.

Strategic Reward’s approach
Working with the Board, Strategic Reward looked at all aspects of the total reward package. We worked with the company to develop short-term bonus plans for all employees, long-term incentives for executives, base salary progression guidelines, benefits choice, recognition and flexible working arrangements. We developed and evaluated reward choices, identified what rewards employees valued and assessed the cost / benefit of possible reward changes. As the assignment progressed we became increasingly convinced that, if the company was to attract and retain the talented people it needed, action on several reward fronts was essential.

The outcome
We put together a reward strategy change plan based on what mattered most to the company in terms of business results and how employees felt about the present reward package and what motivated them. The change plan comprised improvement actions to be implemented in the next three months, in areas such as annual salary review, profit sharing and flexible working, and a series of policy development initiatives over the next twelve months.

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