Having the right employee remuneration strategy is crucial to attract, retain and motivate your people for your company culture.

Employee remuneration here goes beyond just monetary packages, but also include non-monetary packages for your people. This ranges from providing competitive compensation and pay to competitive staff benefits.

How can you determine the right employee remuneration strategy?

Here are 3 key principles you can apply, using the 3 B's:

• Business goals
• Benchmarking
• Behaviours

1. Business goals

Your employee remuneration strategy ought to be aligned with your company's business goals.

As a starting point, you can begin by first identifying:

• What are your company's specific business goals?
• What kind of talents do your company need to achieve the business goals?
• How best to affordably remunerate the talents, balancing your company's resources, compliance requirements and the talents' expectations?

With this in mind, you can better ensure your employee remuneration strategy actually supports your efforts in bringing out business goals-aligned performance from your people.

2. Benchmarking

Benchmarking on market standards and trends can provide valuable insights, helping you remain relevant with your employee remuneration strategy, especially among your competitors.

Areas you can consider when doing the benchmarking:

• Job functions
• Company industries
• Company sizes

Leverage your gathered data and insights in developing validated and market competitive employee remuneration offerings for your people.

3. Behaviours

Employee remuneration isn't just a tool to reward, but also to encourage and reinforce desired behaviours among your people for your company culture.

This builds on the "Business goals" point above. Incentivise business goals-aligned behaviours among your people, guiding their efforts towards business goals-aligned performance.

An example is by integrating this in your company's performance evaluation process, where your people's performance are evaluated, recognised and rewarded based on their application of the desired behaviours.

Concluding remarks

An employee remuneration strategy that is aligned to your company's business goals, formulated with market benchmarking insights and promote desired behaviours can create a conducive working environment where your people can perform and be rewarded equitably.

With the right employee remuneration strategy, your company culture is better positioned to attract, retain and motivate your people in striving together towards collective success.

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