A Framework for Constructive Debate
Reflecting upon our previous experiences around reward design and management, we have a strong appreciation of what works (and what does not) when constructing reward and remuneration models.
At Fishtank we draw a comparison between what we tend to see with prospective clients and our approach. In the first instance we observe a complex circular and conceptual debate (which can often span a number of years). In contrast our approach is one of structured progression and understanding.
The objective of our approach is primarily to evolve the ‘Strawman’ discussion of a potential new Reward plan as requested. In conjunction, we use the underlying data to generate multiple iterations of scenarios to explore issues and drive out a shared organisational understanding.
Typical Design Stages
The Fishtank approach produces the following key deliverables:
• Executive Committee validated Reward ‘Strawman’, inclusive of:
– Compelling argument around need to implement new Remuneration and Reward Plan
– Critical success factors and key behavioral considerations
– Key ‘value’ driver(s) underlying proposed Reward Plan
– Key features of Reward Plan
– Proposed scope, and application of Reward Plan
– Key transition/ change management considerations
• Modelling of anticipated financial outcomes generated from Reward ‘Strawman’, including:
– Comparison to historical results from existing plans
– Projected outcomes utilising alternative reward ‘configuration’ scenarios
– Projected outcomes utilising alternative ‘sales forecast’ scenarios
• Project facilitation, key stakeholder mapping, and documentation of evolving organisation discussion around a new Reward proposal