Client
A UK-based scale up Fintech organisation, with a presence in Eastern Europe with an aggressive growth plan.
Solution
- Reward strategy, philosophy and principles for the next 3 years.
- New pay and benefit structure.
- Identified and costed opportunities to enhance the overall Reward Employee Value Proposition.
Challenge
- Organisation was growing and needed a robust Reward Strategy to support that growth into the future.
- Embraced true Reward flexibility to attract top talent, but with significant growth on the horizon they were ready for a more structured approach to Reward.
Impact
- An aligned leadership team bought in to a reward strategy in line with the company culture and values, and focused on significant growth.
- A clear levelling framework, grading structure, pay benchmarking and pay ranges and an enhanced benefit structure.
- All to enable to client to attract and retain significant talent in a challenging market.
Context
The client is a UK-based scale up Fintech organisation, with a presence in Eastern Europe, offering a unique insurance solution. The organisation had major investment and an aggressive growth plan and recognised that they needed a Total Reward strategy for their future success and to align with the growth strategy. Whilst in start-up phase, the organisation had embraced true Reward flexibility to attract top talent, but with significant growth on the horizon they were ready for a more structured approach to compensation, bonus, benefits, equity and wider reward policies. Our challenge was to gain a full understanding of the organisational culture, values, and reward and benefits and understand their desire to grow the business and deliver against the company goals.
The Problem
- Needed a robust Reward Strategy to support growth.
- Needed a structured approach to Reward to ensure fairness, consistency and be able to accurately budget.
- Ensure Reward approach support organisational future not just present.
Which meant:
- Risks around strategic Reward decision making.
- Risks around cost due to unstructured nature of reward offering.
- Risk of reactive/tactical decision making not supporting business goals.
- Risks around fairness and equity.
- Risks around total reward not being competitive in market to attract and retain talent.
The Tension
There was tension around the flexibility of the reward offering, which tended to be generous, used to attract key talent, and the need for a structured Reward approach for the future that balanced cost, return on investment, and attraction/retention.
What Reward Heads did
- Aligned the Executive Team on the approach to Reward through a workshop to engage with them and bring them on the reward development journey and enable them to be fully behind the reward strategy.
- Diagnosed business challenges around reward, culture and values, employee insight, and current Reward offering, identifying where each of the reward elements were aligned to market and not.
- Worked collaboratively with the People Team leadership to define key approaches and market positioning for pay, bonus and benefits.
- Supported with a simple levelling/grading structure and a job family framework for pay and career progression.
- Designed a new benefit structure and identified and costed opportunities to enhance the overall Reward Employee Value Proposition.
Business Impact
- Reduced risk with a defined Total Reward approach for fairness and consistency removing the risk of equality issues.
- Easier budgeting for Total reward based on defined frameworks.
- Ability to remain flexible and dynamic with reward using Reward Governance.
- Bonus was more closely aligned to drive business success and productivity at all levels.
People Impact
- Leaders all had a consistent understanding of Total Reward.
- Managers understood clear principles for pay review, pay progression and could explain pay positioning to employees.
- Employees had an enhanced benefit offering and an easier to understand bonus structure.
Which resulted in …
This is the "So What", our signature move, so lean into it hard using bold statements:
"Which means leadership can now have confidence in overall company consistency in Total Reward whilst maintaining a degree of flexibility"
"HR have robust frameworks for Total Reward including grading, pay, benefits and bonus to offer an enhanced and attractive reward offering"
"Employees receive a Total Reward package which is highly competitive within a challenging growth market, leading to improved attraction and retention"
If this feels familiar …
Organisations often come to us when they have little to no current reward structure. We work with them to understand their set up and provide reward frameworks that enable them to achieve success whilst being able to maintain a degree of reward flexibility.
