A remuneration strategy is unique to each organisation; however it should share common principles. A successful remuneration strategy works in harmony with the core business strategy and is designed to attract talent and hard to find labour in the market. A core element is also to reward employees for demonstrating the right behaviours and motivate people to achieve the organisation's goals and objectives.
Investing in a remuneration strategy could be a key competitive advantage for the business. Some employers feel that their responsibilities are over when they approve payroll each month, however this is a process and not a strategy. Given that employee wages are often the largest operating cost of the business, it makes sense to ensure that the organisation has a strategy that meets the needs of the business and the employees.
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