5 minutes with Corinne Carr of PeopleNet
Corinne Carr, Director of PeopleNet and a Remuneration Consultant, speaks exclusively to HR Grapevine about responsible reward, its role in the workplace and the benefit for employers…
What is responsible reward?
Responsible reward is a remuneration approach that incentivises and rewards employees, up to and including executives, for financial performance and positive societal impact. It links business, sustainability and remuneration strategies, enabling employers to fulfil their own sustainability agenda and to ultimately support the United Nations’ 17 Development Goals (SDGs).
Why is responsible reward important?
Our role as reward professionals is to design and implement incentive pay structures that support business strategies, underpinned by performance management systems that measure what businesses do and how they do it.
What are the benefits for employers?
There is strong evidence that sustainability and corporate financial performance are positively correlated; when firms identify their environmental, social and governance (ESG) priorities and align them to their business strategy, they, overwhelmingly, reap the benefits of increased long-term financial returns through risk mitigation and the creation of new opportunities.
Employers have to respond to the increasing demands from, mainly younger, employees who are also consumers and want to know where products are sourced from, how they are manufactured, and how their financial savings are invested for later years.