How good is your reward policy? Take the Reward Management Quick Scan

"How (consciously) do our members make Reward decisions and align them with their business strategy?", Agoria's Reward experts asked themselves. Admittedly, there was a concern behind this question. Companies sometimes seem uncertain about the direction to take when making reward choices. So we went in search of a solution.

As part of a cooperation arrangement with Vlerick Business School to help our members develop a successful Total Reward approach, you as an Agoria member can use the Reward Management Quick Scan (RMQS) from Vlerick's Centre for Excellence in Strategic Rewards.

Background information ...

Professor  Baeten of Vlerick Business School explains: "We wanted to map the extent to which the reward policies of companies are strategically aligned. But that is a particularly difficult task because, besides strategy, many other factors also play a role.

That's when we, together with our Centre for Excellence in Strategic Rewards, started thinking about how we could map out better the characteristics of a good reward policy. We developed some 30 statements covering a very broad spectrum of themes, all linked to the reward policy. We did this in close cooperation with Hudson, chair partner of our centre.

Since we wanted to develop a usable, hands-on tool, we opted for the statistical technique of factor analysis. This technique helps reduce data and variables to the underlying dimensions. This led us to identify 5 dimensions. Factor analysis also helped us select the 13 most relevant statements. By this, I mean the statements that best represent the dimensions.

To make a long story short: companies can use our tool to  get an insight into their maturity level for each of the underlying dimensions. This enables them to focus internally and identify action points.

An important added value is that we also provide companies with a benchmark with the RMQS by way of added value, because depending on their size and sector, they can thereby gain insights into their key strengths and areas for improvement relative to their peers.”

Take the scan! 

Are you responsible for reward strategy and policy in your company? Would you like to gain (renewed) insight into your current approach and assess and benchmark it against similar companies in our sector? As a member of Agoria, you can use the RMQS.

What can you expect from this assessment?

• You might find that, more than the recognition you get as an employer, you engage actively in dialogue with your key (internal and external) stakeholders as a source of inspiration and co-creation in Reward choices.
• Or you might realise that you are using a one-size-fits-all approach, even though you are aware of your employees' individual preferences.
• Is rewarding purely about fixed and variable pay and (tax-friendly) benefits?

Click here to take the  Reward Management Quick Scan. You will be rewarded with a report and benchmark.

 
If you would like to discuss your RMQS results and gain more insight into Reward Management, please feel free to contact your Agoria contact person for Total Reward Strategy: Anne De Greef or Inge Sap.