Drive operational performance
As the UK’s largest independent Reward consultancy, we provide honest advice, support and practical help to solve any challenge relating to attracting, retaining and motivating people. Through our highly experienced team of Client Directors and Reward Consultants we provide the insight and expertise to leverage your pay and reward spend and harness the power of your greatest asset – your employees.
We offer a comprehensive suite of consultancy services across the Pay and Reward spectrum, including reward strategy, pay structures, pay benchmarking, job evaluation, gender pay and exec remuneration to name but a few. These services are supported and, in some cases, delivered through our market leading, proprietary software solutions PayLab and Evaluate; developed by HR professionals for HR professionals.
Our expert Reward Consultants are practical, creative and strategic. We work with your key stakeholders to facilitate the free flow of current, accurate and meaningful information that empowers your leadership team and enables faster and more proactive decision making. Our team of experts provide intelligent, practical and commercial guidance to translate business strategies and objectives into the appropriate reward programme.
Working across the Pay and Reward spectrum, we take a holistic view of your employee deal, as illustrated below. We work with you to shape the key components that provide the foundations and pillars of success that underpin your Reward strategy.
However, your Reward strategy cannot be looked at in isolation. Effective pay and reward strategies align with overarching business goals and objectives; we work with our clients to join these dots together. Our team of experts provide intelligent, practical and commercial guidance to translate business strategies and objectives into the appropriate reward programme to drive operational performance.
Working with Innecto will give you confidence that you're providing reward that attracts the best people, a reduction in the cost and wastage in your reward, and engaged employees who are driven to deliver a great performance.
To do that we look at your employee deal - either as a whole or an individual element.
Reward Strategy & Principles
Is performance related pay right for your organisation?
These are set by the leadership of the business and define your overall approach to pay. Getting these right will mean that other reward decisions are effective, consistent and add real value to your business.
Where does your pay sit in the market?
This is the base pay that you give your employee. Base pay generally reflects the role, experience and skills that an individual has. How much you pay depends on how you want to compare against the market.
What is your variable pay doing for you?
This is the additional cash or shares that you give an employee - not normally guaranteed eg annual bonus, long-term bonus (LTIP) or sales commission. Variable pay is usually paid to reward behaviour, extra effort or great performance. Good variable pay plans closely link with business priorities and objectives.
Benefits & Culture
Does your culture reflect the type of employee your business needs?
These are the softer benefits that an employee receives when working for your company eg pensions, company car, flexible working and educational opportunities. It's also the culture of your business - 'how we do things around here'. These need to be attractive and relevant to the type of employee you want in your organisation.
Are you using recognition as part of your reward strategy?
These are the nice little surprises you give your employees when they’ve done something well – it could be a thank you email or a sales voucher or flowers. Recognition is highly valued, particularly by the younger generation.
Is your performance management relevant to your business?
This is how you manage your employees' performance and is used to base your reward decisions. You define what is important to your business and how your employees are contributing to that. You also need to decide what is 'good' or 'poor' performance.
How powerful would it be to have all your employees engaged?
This describes the buy in or attachment that your employee has with your organisation. It can affect the level of discretionary effort they apply to their work, and high levels of employee engagement have proven links with successful operational and financial performance.