20 years ago, there was probably a handful of people employed in the business of rewards. Now this is a whole business in itself, and more than just a
20 years ago, there was probably a handful of people employed in the business of rewards. Now this is a whole business in itself, and more than just an add-on to a HR role.
We wanted to take a look at why rewards professionals are pivotal to your business.
Reward professionals know your organisation inside out
As well as being analytical and at home with a database full of regression analysis, your reward professional today is also completely energised in your organisational strategy. Rewards professionals make it their job to take a long term perspective of where the business needs to go, making short-term actions work. The road map of the future could include business issues and real world problems- they’ll be able to add value to any ideas.
Reward professionals are holistic
More than just a specialist, a reward professional is a generalist in some ways that can take a bird’s eye view of HR and the business. Because issues need other departments, perhaps budget for learning and development, recruitment or crisis escalation, a reward professional will be working across the board – recognising and rewarding with a programme at ‘ground level’ but also with senior management.
Rewards professionals are in-house consultants
When you hire a consultant you get a fresh pair of eyes on the same problems. Rewards professionals achieve this in their day job. Something as simple as a bonus plan or a travel incentive isn’t just given the green light. They will consider the real aims. The problems, the context, what success will look like, the budget and much more.
Reward professionals are experts in change
Change management is a sector in itself but it’s something people may not have an interest in – until it’s needed! Reward professionals are seeing themselves less involved in the design of the programme alone but also in the implementation and the effects on the business. This is a science and depends on many factors – something that needs a professional hand.
Reward professionals are adaptive
Incentive & Motivation knows that the sector is always changing – weekly! New stats are always being released on the changing theories of motivation and incentives.
They might make steps to change how you run your performance management – perhaps instead using the latest trends and research to adapt to a new route, for example dividing employees into performance categories or using a series of informal, undocumented conversations about performance over the course of the year.
A reward professional will understand how to discuss issues – such as money and remuneration, will help manager promote rewards and ensure that external relationships are managed.
With the right balance of research on the job learning and an analytical mind, a rewards professional can really help you get the best from your business, both internally and also externally., If you have big targets to meet this year, a reward professional could be your next best hire.