Reward management - where do we go from here?
Whether you are considering overhauling your reward structure or not, it's clear that reward has changed. Could your remuneration strategy be more effective? Denis Crowe gives some tips.
How far is the culture of bonuses in banks to blame for the financial crisis? Vince Cable has gone on the record to say that: “there is quite a lot of hard evidence from politicians and others that bonus schemes did encourage people to take excessive risks, which in turn led to the financial crisis.”
As we head towards a new financial year, organisations need to consider their reward strategies going forward - including what to do if they have been unable to award a pay increase and whether to place even more emphasis on performance related rewards. There have been several significant influences on UK reward management recently that need to be taken into account:
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