So what is Reward?

October 23, 2014
donuts-rewards

Reward, also known as Compensation & Benefits, is the technical side of HR that focuses on what employees are paid and what benefits they receive. As such, this is an important function when it comes to employee retention since ultimately, if people are not happy with their salary and/or overall package, they will be more likely to move elsewhere.

Would a career in Reward suit me?

Are you a strong number cruncher with excellent communication skills? Do you have good Excel skills and enjoy analysing data? If so, a career in Reward may be for you!

What is a typical career path in Reward?

Reward Administrator / Assistant
Reward Advisor / Analyst
Reward Manager
Head of Reward

Dependent on organisation, the term ‘Reward’ can mean different things, with varying emphasis placed on the elements comprising the role. For example, although some Reward positions may see you focusing equally on the Compensation and Benefits aspects, some may focus purely on the Compensation piece or be heavily Benefits-oriented with minimal Compensation exposure. As such, do not judge Reward roles solely by job title – have a good look at the responsibilities listed in the job description to gain a clear understanding of the opportunity.

Reward Administrator / Assistant
Salary Range: £20,000 – 33,000

Responsibilities could include:

  • Managing the organisation’s benefits scheme and/or pensions
  • Supporting the annual salary review process
  • Administrating the payroll
Reward Advisor / Analyst
Salary Range: £35,000 – 50,000

Responsibilities could include:

  • Conducting the annual salary and bonus review process
  • Carrying out job evaluations and market benchmarking
  • Producing Management Information reports
  • Managing the organisation’s benefits scheme
Reward Manager
Salary Range: £55,000 – 80,000

Responsibilities could include:

  • Managing a team and ensuring employees are receiving Reward packages in line with the market
  • Involvement in Executive Reward and the Remuneration Committee
  • Contributing to Reward strategy
  • Ensuring regulatory compliance
Head of Reward
Salary Range: £80,000 – 150,000

Responsibilities could include:

  • Ownership of the whole Reward strategy
  • Ensuring regulatory compliance
  • A global remit – making sure Reward packages are appropriate/effective for different countries