Once a number of decisions regarding the fundamentals of an organisation’s remuneration practices are determined (for example objectives, sourcing data, the link to the performance management system, how and when a remuneration review will occur), the business is in a position to draft its formal Remuneration Policy.
It is important that the remuneration policy is designed to enable the strategic objectives of the organisation and that a policy works in harmony with business objectives. A policy needs to be unique and tailored to the specific needs, industry and requirements of the business as what works for one business may not work for another.
The remuneration policy and people strategy should work hand in hand to attract and retain high quality employees who have the skills, attributes, and behaviours necessary to help the business achieve their objectives. It also needs to be designed with financial acumen and the knowledge that the remuneration strategy will be viable and sustainable.
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