Once an organisation has determined a remuneration strategy and objectives based on its business strategy - what it wants to reward, it is then in a position to develop an aligned remuneration management system. This entails deciding how to reward. How to reward involves making many decisions about:
• Process and governance.
• Remuneration mix (fixed and/or variable components).
• Sourcing and applying relevant remuneration data and review cycles.
• Industrial frameworks and compliance.
The decisions made need to be formalised in a policy and procedure to ensure the remuneration management system is communicated to all stakeholders and applied consistently.
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