Every organisation should have their unique blueprint when it comes to designing a remuneration strategy. It can’t be a ‘one size fits all’ approach because every business and the roles and individuals within it are unique.
The industry, demographic, location, industrial legislation, competition, economic climate, and unique skill sets required all play a role in designing the right framework for the business. A remote business trying to attract skilled workers may need a more unique and competitive strategy than an inner city business where there are plenty of quality candidates. In addition, a publicly listed, private and not-for-profit organisation will all have different motivators and requirements to consider. Employers will also have different expectations based on their experience and exposure to different remuneration strategies.
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