Emergence Growth would partner with your executives to successfully deliver a strategy that is not only customised for your business and environment in which you operate, but innovative and pragmatic in nature.
"Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations".
Strategy at Different Levels of a Business
Corporate Strategy - is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision-making throughout the business.
Business Unit Strategy - is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc.
The reward strategy should contain a summary of the assumptions that are taken into account when the strategy is developed. This will assist those approving the strategy to place it into context. This information will then inform the remuneration policy.
This will define the way each element of total reward will be earned and allocated. It must be easily accessible to all levels of employees and should describe the what, why and who of all rewards in a way that employees can understand and relate to it.
The human capital function should develop and maintain the reward policies and ensure that they comply with legislation, support the organisations strategy and culture and align with the reward philosophy.
Reward strategy objectives
It must articulate the strategic intent of the reward strategy. These objectives should be defined in such a way that success can be measured. (They should be specific, measurable, achievable, relevant and time-bound). Reward objectives normally relate to the attraction, retention, motivation and engagement of employees.
The reward philosophy
It must articulate the reward principles that underpin the reward framework that will guide the development of the various reward practices and reward decisions. Stakeholders will look to the philosophy to set guiding principles on how reward will be handled in the business.
The optimal mix of total reward elements (the reward framework)
To be optimal, the mix of reward elements is contained in the rewards framework, constructed in terms of the reward model that takes into account the organisations objectives and is aligned with them.
This framework could be a simple mix of rewards for the whole organisation or it could be customised for the various categories of employees in the organisation, as they are driven and motivated by different factors. The framework should be designed to elicit an interest in the success of the organisation by the employees.