Video: Giles Rhodes of Equifax on simplifying compensation and benefits structures

Credit score agency Equifax has overhauled its pay grading structure and undertaken a project to harmonise and simplify its employee benefits, as Giles Rhodes reward leader – Europe explains.

By simplifying the benefits structure and removing the hierarchy-based benefits, Rhodes argues that they have become easier for managers to understand and communicate.

“Reward, to a certain level, is a hygiene factor and we need to make it easy for people to communicate it because that’s where we start getting the engagement from our people,” he says.

Looking further ahead, the business will continue to focus on effectively communicating the changes around pay structures to managers, as well as on its wellbeing strategy.

“For me, the next value-add from a reward perspective is really around incentives. So not just bonuses and sales plans…but also around how we look at what incentivises people to work, and what bells and whistles we have to help people get the most out of work,” says Rhodes.

The author is Dawn Lewis, content editor at REBA.