Designing Reward and Recognition Policy

Managtra’s Recognition and Reward specialists assist businesses in developing and implementing entire reward philosophies and programmes that are strategic, financially optimal, sustainable, competitive, and results-driven.

What we can do for you

Reimagined Rewards: As companies shape their Future of Work agendas to accommodate how, when, and where employees work, legacy Total Reward structures must be modernized to provide consumer grade reward experiences that support the often divergent needs of both companies and their employee populations.

Expectations of the company

Companies expect their growing Total Reward experience to:

• Be fiscally responsible.
• Be in sync with market trends and corporate success.
• Recruit, retain, and engage top talent.
• Be designed to adapt to future organisational changes.
• Maintain regulatory compliance.
• Be simple to administer.

Employee anticipations

Employees that anticipate a Total Reward experience will:

• Maintain market competitiveness.
• Be digitally available 24 hours a day, seven days a week – easy to comprehend and utilize.
• Provide chances for customization/flexibility.
• Be equitable, inclusive, and honest.
• Be tailored to each employee’s professional path, life stage, and personal requirements.

Future Total Reward strategies will be challenged to reconcile employer and employee expectations into unified Total Reward (TR) frameworks that promote employee engagement and welfare, business success, and long-term value generation all at the same time.

Future TR frameworks (including individual programme components, delivery platforms, and supporting processes), according to MANAGTRA Recognition and Reward professionals, will impact organisations far beyond basic employee pay and benefits programmes by serving as strategic levers that foster and reinforce each of the following cultural elements:

• Employee Value Proposition (EVP) and Employer Brand:

TR frameworks act as barometers for the value and importance that businesses take on their people, EVPs, employer brands, and corporate cultures.

• Performance and business outcomes:

TR frameworks encourage workers to accept change by aligning their incentives with strategic priorities/ KPIs (for example, yearly and long-term rewards, etc.).

• Employee connection and engagement:

TR frameworks will promote employee involvement, collaboration, sponsorship, and affinity group networks (for example, paid time off to volunteer, employee affinity networks, and so on).

• Employee health and safety:

TR frameworks provide incentive programmes that correspond with our four well-being pillars (emotional, financial, physical, and social) to promote employee well-being holistically.

• Employee selection and personalization:

TR frameworks allow each employee to choose the total reward parts that best suit their requirements and present position each year; and

• Sustainability, diversity, inclusion, justice, and openness:

TR frameworks promote diversity, inclusion, and equality while including “green” reward schemes and indicators that correspond with ESG/ sustainability objectives.