Less than a third of employers have a well-documented reward strategy, according to a report by Thomsons Online Benefits.

More than a third (35%) of those companies with reward schemes admit they lack the ability to measure the effectiveness of them. Respondents said main reasons for having such schemes were to attract talent (81%); to drive better business performance (66%); and to drive better individual performance (61%). However, a third of those who offer rewards said they are not very effective, while 9% were not even sure. More than a third of employers said rewards were not valued enough by employees.

There is insufficient attention paid to measuring and evaluating reward spend, according to Michael Whitfield, chief executive officer of Thomsons Online Benefits. We fervently believe that what you dont measure, you cant improve.

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