|Reward and Remuneration Package Design|
Total Reward relates to all the aspects of the employment offering, including the remuneration package (base pay, variable pay and benefits) as well as the intangible aspects of the psychological contract such as career development, employment security, working environment etc. It is a key component of any Employer Brand through which an organisation establishes its competitive position in the labour market and hence determines its ability to attract, recruit, retain and motivate employees of the required calibre.
The remuneration package is for many organisations the single largest cost element and an appropriate reward and remuneration strategy is fundamental to ensuring that the organisation obtains a satisfactory return on its investment in people. Managing remuneration effectively is also critical if internal equity and external market competitiveness is to be preserved.