
Factors holding this back can be numerous and, for many smaller companies, one of them can involve not having developed a proper HR function. But an issue we’re finding that is beginning to be talked about much more often is factors beyond just HR. We feel achieving growth is not simply about whether a dedicated HR presence is needed (this is arguably regarded as a given), but also whether other specialisms like having a strong expertise in reward is required too.
It’s an organisation’s overall reward strategy that in many experts’ minds sets the tone around what a business is about. Moreover, some might argue that it is reward that has greater sway over aspects like attraction and retention – the two things growth is absolutely dependent on. Of course, many smaller, growing businesses will say they are not large enough to justify a full-time reward professional. But this isn’t the only option available to SMEs and many can under-estimate the value that bringing in an interim reward professional (normally for a period of around six months) can bring to a growing business. In fact, it could be argued that growing business bosses that don’t pay attention to reward issues will struggle to adapt to market and workforce demands as they continue to seek to grow.Unparalleled experience
The clear benefit is the huge experience reward interims bring. All will have substantial experience working for a number of different types and sizes of organisations meaning they can bring insights and suggest the most appropriate policies to help place a business ahead of its competitors. This is because interims tend to have a much broader range of skills in their pockets – everything from advising on executive compensation, reward strategies for mergers and acquisitions and IPOs through to implementing a robust and cost effective benefits programme. Read more business growth articles:- M&A: If you want success get the due diligence right
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The dispassionate expert
But there are other, less tangible (but just as important) reasons why growing businesses really do need to consider interim reward experts. A benefit that’s sometimes hard to place a value on is the “dispassionate expert” role that interims play. This, though, can often be their most valuable contribution. Reward professionals feel very passionately about what they do but, as outsiders, interims see the business in terms of what it needs. Often they are vital to act as the bridge between the CEO, CFO or HRD and they can be an important source the hierarchy can trust. A reward ally can rubber-stamp policies that were already being suggested or act as a sounding board for HR to increase its own visibility internally. Interims add value because they will do their dispassionate diagnoses very quickly. They also thrive on the challenge of dealing with ambiguity and change – something that may sometimes have held those internal to the business back. When reward design is being looked at for the very first time, reward interims see the bigger picture in terms of designing policies that will attract and retain the best talent.Share this story