Step 3 of the E.A.R.T.H. methodology: REALISE what needs to change
15 APRIL 2021
Each week this month, I am explaining to you the five steps of my methodology, aptly named E.A.R.T.H.® (Evaluate, Ascertain, Realise, Tell, and Help), on how to design and implement a Responsible Reward strategy in your business. Last week, we looked at the second step: ASCERTAIN your goals and targets. Here were the key points:
• Ask yourself what is your end game when embarking on a Responsible Reward strategy.
• Consider what are your firm’s BIG sustainability goals.
• Break down each goal into S.M.A.R.T. HR and Reward targets.
• Determine who will be impacted by the changes you’re proposing to make.
• Work out how much they will cost to implement and budget accordingly.
This week, we’re looking at the third step of the framework: REALISE what needs to change. This is the fun part for all analytical Reward professionals who enjoy using their creativity and modelling skills.
As you will know by now through this newsletter, my ‘PAYING FOR GOOD’ podcast and my Responsible Reward report in collaboration with CASS Business School, Responsible Reward is about much more than adding Environmental, Social and Governance (ESG) metrics to incentives and recalibrating weightings. Responsible Reward is the alignment of your whole Employer Value Proposition (EVP) to the UN Sustainable Development Goals (SDGs), from structure through to implementation.
When it comes to technicalities, which are our daily staple in the Reward world, start by mapping out each component of your EVP against the SDGs from the time you recruit someone to the moment they leave your organisation. That’s everything from pay, bonuses, benefits and pension to other elements of your HR offering.
• Where are the gaps that you need to address?
• Brainstorm inspirational ideas with your HR and Reward colleagues to contribute to your sustainability goals. Think BIG!
• Model options and get your proposal ready for approval by senior management and your board.
Watch the REALISE video.