Time to change?
After speaking to a reward director in a FTSE20 organisation, it became clear a focal point of increased hours during comp round was because of a high level of attrition within the reward function. Reward analysts would resign during their first comp cycle before fully understanding the processes and reward philosophy of the business, leaving a depleted workforce to commence battle during one of the busiest points of the season. New hires would start and go through a challenging pay review and promptly resign, creating a vicious cycle.
Maybe more needs to be done to retain top talent in the reward function, particularly those who have just gone through their first comp round? Perhaps reward directors need to educate the HR business partners on how pivotal the salary review process is, not only to guarantee a collaborative approach across the business, but to align retention strategies with reward philosophy? Perhaps systems are too temperamental meaning more manual processes are needed across several locations?
Being a specialist in reward recruitment across financial and professional services and having facilitated searches at the junior end of the market in the past, I feel attraction and particularly retention of talented reward analysts will prove critical to future pay review processes. heads of reward consistently bemoan the fact that gifted reward analysts are the most difficult to find, meaning more workload falls to smaller teams because of the lack of talent in the current marketplace. Retaining excellent analysts would ensure a consistent and more stringent approach to pay review and allow both the employee and wider business to benefit from improved processes.