Tips: What are the Do’s and Don’ts to help you manage your reward risks?

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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