DO
- Identify all risks as soon as practicable. Reward may form part of people or business risks
- Establish a systematic process of capturing risks taking account of external and internal factors across global locations
- Agree with key decision makers on what level of risks are acceptable to inform your assessment and management of reward risks
- Use tested approach to assessing and managing reward risks and their related impact etc.
- Review early and often as risk management forms part of a continuous cycle
- Develop a culture of reward risk management which focuses on a total reward approach – career growth can often present a greater attrition risk than salary
- Evaluate and ensure the lessons learnt are integrated
DON’T
X Avoid obvious issues e.g. pensions auto enrolment for UK locations which need financial budgeting as well as timely preparation and communication
X Ignore the ‘business as usual’ issues
X Underestimate the commitment needed to establish effective reward risk management
X Aim for the perfect solution where an 80/20 approach may be more effective
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