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HR strategyYardstick Update

Aligning business and reward goals top of agenda

by Personnel Today 8 Mar 2005
by Personnel Today 8 Mar 2005

Supporting the business strategy is the most important role of the reward function, according to research by the Chartered Institute of Personnel and Development.

Reward-activitiesx-8mar05-250pixels.jpg

Its fourth annual reward survey of 477 organisations shows that the second most important reward role is developing a reward strategy, and providing reward support for line managers is the third most important reward activity.

However, the most time-consuming activity is reward administration, cited by 63% of the respondents. This is followed by the implementation of reward policies (58%) and providing specialist input to the wider business (49%).

The findings show that 45% of the responding employers either have, or are in the process of creating a written reward strategy, highlighting the importance of aligning business and reward goals.

The key aims of such strategies included supporting business goals (79%), to reward high performers (64%), to recruit and retain high performers (62%) and to link pay to the market (53%).

www.cipd.co.uk


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