The recognition and reward specialists at KRA assist businesses in developing and implementing comprehensive reward philosophies and programmes that are competitive, sustainable, financially optimal, and reflective of each organization’s mission, vision, culture, and values.
What you can expect from us
Rewards Reimagined: It will be crucial to modernize legacy Total Reward structures to provide consumer-grade reward experiences that support the frequently disparate needs of businesses and their employee populations as companies shape their Future of Work agendas to accommodate how, when, and where employees are working.
a company’s goals
Businesses believe that as their Total Reward programme changes, it will:
- Be thrifty with your money.
- Stay in line with market trends and business performance
- Recruit, hold onto, and utilize the best talent
- Be organized to support upcoming organizational changes
- Be in compliance with regulations and simple to use
A worker’s expectations
Workers who anticipate a Complete Reward experience will:
- Be aggressive in the market
- Be available online all the time, making it convenient to access and use.
- Provide options for customization or flexibility
- Be equitable, inclusive, and honest.
- Be pertinent to each employee’s career path, stage of life, and individual requirements
Future Total Reward strategies will face a difficulty in balancing employer and employee expectations into coherent total reward (TR) frameworks that promote employee engagement and welfare, company success, and long-term value generation at the same time.
Future TR frameworks, including individual programme elements, delivery platforms, and supporting processes, in the opinion of EY’s global Recognition and Reward professionals, will have an impact on organizations beyond standard employee pay and benefits plans by acting as strategic levers to support and reinforce each of the following cultural elements:
- Employer branding and Employee Value Propositions (EVPs): TR frameworks act as gauges of how much value and emphasis businesses pay on their people, EVPs, employer brands, and corporate cultures;
- Performance and business outcomes: TR frameworks encourage staff members to embrace change and match incentives with strategic priorities/KPIs (e.g., annual and long-term incentives, etc.);
- Employee connection and engagement: TR frameworks will support teamwork, sponsorship, and affinity group networks (such as paid time off for volunteering, employee affinity networks, etc.);
- Employee safety and well-being: TR frameworks provide reward programmes that complement our four well-being pillars (emotional, financial, physical, and social) to support employee well-being holistically;
- Employee autonomy and personalization: TR frameworks enable every employee to annually choose components of their total rewards that most closely align with their requirements and situation;
- Sustainability, diversity, inclusion, fairness, and transparency: TR frameworks promote diversity, inclusion, and equality goals while including “green” incentive schemes and indicators that support ESG/sustainability objectives.