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Use Rewards Strategically
In the face of limited resources, allocating funds to the right programs is more important than ever. Watson Wyatt can help you make the right decisions.
We call our approach Strategic Rewards®. We focus on the right mix of rewards, helping you balance cost with design to improve performance management. By taking a broader view, we help you plan cost-effective reward programs that attract and retain the right employees and motivate them to produce desired results.
Our reward strategy encompasses direct cash compensation, such as salary, stock programs, short- and long-term incentives, as well as non-monetary rewards like training and development, recognition programs and flexible work arrangements. We help you select the right mix based on our industry-leading research on the practices of top-performing companies and their approach to total rewards plans.
Research shows that the most successful companies are making the best use of their funds by differentiating pay based on performance. Our latest Strategic Rewards study indicates that companies are devoting more of their reward dollars to variable pay and tying compensation more directly to employee performance. High-performing companies are also more likely to report that their variable pay plans are effective at achieving alignment with desired results and cost management.
We also help streamline compensation administration with REWARD®, our leading-edge outsourcing solution. REWARD automates all aspects of compensation administration and pay delivery. This web-based suite includes globally accessible applications for market pricing and analysis, compensation design and modeling, and manager self-service for making and delivering pay decisions. By automating business processes and streamlining compensation planning, budgeting and data management, REWARD frees your compensation professionals to provide greater strategic value.
Our Strategic Rewards consulting services encompass:
- Total rewards assessment and design
- Base pay design
- Competency assessment and implementation
- Global compensation design and program management
- Job leveling
- Performance management
- Monetary and non-monetary reward strategies for individual, project and group incentives
- Market analysis
- Outsourced compensation administration
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