Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Innovative rewards aid motivation

by Personnel Today 11 Mar 2003
by Personnel Today 11 Mar 2003

Provider trends By Christopher Clark, assistant director, PwC Corporate
Finance

When the pyramids were built, the legions of workers responsible for one of
the seven great wonders of the world were remunerated with garlic, on the
grounds of its perceived medicinal properties.

While this may not be sufficient to motivate and retain staff in today’s
economy, it illustrates a widely acknowledged fact that cash is not the only
option for companies seeking to nurture a committed, successful workforce.

Traditionally, HR departments have worked in tandem with third-party
providers when formulating pay and reward schemes, with a number of consultants
being brought in to advise on specific areas of expertise: lawyers for legal
employee issues; tax advisers for general tax-related matters; and specific
advisers such as pensions specialists. But in today’s rapidly changing business
climate, the optimum structure for an employee reward scheme cuts across these
previously distinct areas, and HR professionals need the services of
multi-skilled teams that can advise on implementing entire new pay and reward
structures.

The cyclical nature of most industries has led to far greater flux within
the job market, and people want reward packages that are not only attractive,
but flexible and even transferable. The traditional carrot – the defined
pension scheme – is disappearing, while perks such as company cars are less
appealing due to increased taxation. Meanwhile, higher National Insurance
contributions mean there are benefits to the employer if workers sacrifice
salary for alternative benefits. Simple non-cash programmes – be they the
provision of childcare, remote working or free gym membership – can have a huge
impact on motivation and retention at a very low cost.

This step change has already spawned mergers and acquisitions (M&A)
activity among pay and reward consultants, and I believe more is to follow.

The most notable example of this trend is DLA, a traditional law firm which
saw the need for a broader skill-set and acquired MCG Consulting, which
specialises in pay and reward issues. Others include PwC, which acquired the
Monks Partnership, UK’s leading consultancy in executive and management pay;
and Hewitt and Bacon Woodrow, which merged to create a resource for HR
consulting and delivery solutions.

The time is ripe for a rewards systems appraisal. M&A activity has the
benefit of bringing niche services to the larger consultancy firms, which can
use their resources and economies of scale to bring the latest thinking into
the mainstream. Organisations that can draw on the consultants with the most
creative approach to motivating staff above and beyond the pay packet, will
reap the rewards.

www.pwcglobal.com

Personnel Today
Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

previous post
Police to get new guidelines on diversity after damning report
next post
EEF warns of funding gap for modern apprentices

You may also like

Three Suggestions Til At Spille Sikkert

9 Aug 2022

Barrister wins gender critical belief discrimination claim

27 Jul 2022

‘Patchy’ mental health services failing ethnic minority communities

11 Jul 2022

Global study highlights hypertension treatment failings

8 Jul 2022

NICE sets out new guideline on managing depression

8 Jul 2022

Half of employees struggle to switch off on...

8 Jul 2022

Five steps for organisations across the globe to...

8 Jun 2022

The Search for Talent: Six Major Employer Pitfalls

24 May 2022

Grants scheme set up to support women’s health...

16 May 2022

How music can help to ease anxiety at...

9 May 2022
  • 6 reasons why work-based learning is better than traditional training PROMOTED | A recent Fortune/Deloitte survey found that 71% of CEOs are anticipating that this year’s biggest business disrupter...Read more
  • Strengthening Scotland’s public services through virtual recruiting PROMOTED | This website is Scotland's go-to place for job seekers looking to apply for roles in public services...Read more
  • What’s next for L&D? Enter Alchemist… PROMOTED | It’s time to turn off the tedious and get ready for interactive and immersive learning experiences...Read more
  • Simple mistakes are blighting the onboarding experience PROMOTED | The onboarding of new hires is a company’s best chance...Read more
  • Preventing Burnout: How can HR help key workers get the right help? PROMOTED | Workplace wellbeing may seem a distant memory...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2022

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+