Business Strategy - The starting point of the reward system, Reward strategy - Flows from the analysis of the business drivers, Reward policy - Covers areas such as levels of reward; pay decisions; assimilation; protection etc, Base or Basic Pay - The amount of pay (fixed salary or wage) that constitutes the rate for the job, Job evaluation - a systematic process for defining the relative worth or size of jobs within an organization in order to establish internal relativities and provide the basis for designing an equitable grade structure, Market rate analysis - the process of identifying the rates of pay in the labour market for comparable jobs to inform decisions on levels of pay within the organization and on pay structures, Grade and pay structure - a hierarchy of job grades, bands or levels into which groups of jobs that are broadly comparable in size are placed., Pay Progression - takes place when base pay advances through pay brackets in a grade and pay structure or through promotions or upgradings, Contingent pay for performance, contribution, competence or skill - may be related to team or organizational performance (profit sharing, gain sharing or employee share schemes)., Service-related pay - provides fixed increments, which are usually paid annually to people on the basis of continued service either in a job or a grade in a pay spine structure., Pensions and employee benefits - comprise elements of remuneration additional to the various forms of cash pay, and also include provisions for employees that are not strictly remuneration,, Allowances - are paid in addition to basic pay for special circumstances (eg living in London) or features of employment (working unsocial hours)., Performance Management - processes that define individual performance and contribution expectations, assess performance against those expectations, provide for regular constructive feedback, and result in agreed plans for performance improvement, learning and personal development., Non-financial rewards - do not involve any direct payments and often arise from the work itself, for example recognition, achievement, autonomy, scope to use and develop skills, training, career development opportunities and high-quality leadership., Total remuneration - the value of all cash payments (base pay, contingent pay and allowances, ie total earnings) plus the pensions and benefits received by employees., Total rewards - the combination of financial and non-financial rewards available to employees,

Reward System Components

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