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The key factors that make a rewards program recommendable include its ability to attract and retain talent, its frequency of salary reviews, and the satisfaction of the employees with the program. It should also have a positive Net Promoter Score, indicating that employees would recommend the program to others.
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Deloitte research indicates that the overwhelming majority of companies – 91% of those surveyed – still follow the conventional practice of conducting salary reviews only once a year or less. Even worse, organizations rate their rewards programs with a Net Promoter Score of -15 and only 21% say they would recommend their program to others. Business and HR leaders are aware of the problem, but only 6% of respondents to a Deloitte survey indicate their organizations are good at attracting talent, and only 8% say they are good at retaining it.
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How can you make your team feel valued and stay motivated? Wrap up the year on a high note and recognize and reward the high achievers on your team. U...
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