Accipio were asked to develop initiatives with their leadership team which would support a cultural shift away from their legacy as a mutual society, toward a more competitive and performance driven commercial venture.
The first initiative was to look at how reward and performance differentiation were driving or inhibiting performance.
• Accipio worked with sponsorship from the HR function and the leadership team to conduct a ‘Total Reward’ review.
• This included analysing the existing arrangement for pay, bonus, benefits and performance management – including a full costing.
• Developing a series of design principles which could be ‘tested’ against the culture ambitions.
• Developing a series of options, including economic and ‘fit for purpose’ evaluation and the development of a final new reward framework.
• We also worked with the client to look at the performance management system in order that the new reward framework could be actively and appropriately applied by managers.
Working with the new CEO and Executive team we were able to develop a new reward strategy. The results have been:
• The launch of a new reward framework – with increased levels of differentiation in performance and reward • A newly negotiated benefits scheme, with tax benefits to both the organisation and employees
• A new ‘My Performance’ contract, with inextricably linked personal and business performance for all staff
• A new scheme which broke down the historical attachment to tenure and grade
• Improved reward scheme – lending itself toward roles and market value for pay
• They were runner up in the CIPD Strategic change programme awards to PACE systems