Publisher's Synopsis
Organizations are continually seeking ways of refreshing their remuneration policies. New reward aims to do this through greater business alignment and strategic fit. In today's competitive environment, this means performance-driven and flexible pay systems. A recurrent problem for employers is to find better means of pay progression. Competency-based and skill-based pay offer two new options. How the increasing requirement for teamworking can be linked with reward is an issue troubling many organizations. The effectiveness of team-based pay is another remuneration mechanism considered in this report.;New reward demands a more distinctive approach to remuneration, not "vanilla", "me-too" repetition of what the competition does. The three options considered in volume 1 of this review of new reward approaches, give distinctive solutions to age-old problems. The report examines why organizations choose to introduce competency-, skill- or team-based pay. It looks at the evidence of whether many organizations are operating these practices. It considers what benefits they have found, but equally what difficulties they have faced. This involves reviewing the mechanics of how organizations operate such devices and the sort of design decisions they have to make.
