Abstract:

The majority of corporations were severely affected by the financial crisis, which had deep impact on all corporate functions, but most of all on the HR function. Organizations had to face issues with involuntary force reduction, with recruitment and promotion freezes, with no salary increases and with low or no bonuses at all. This put a lot of pressure of the Reward function which realized that the whole reward strategy had to be re-evaluated and re-designed.
The overall conclusion was that the importance of employee benefits had to be emphasized and that employees should understand the value of their total package as suppose to focus on Salary and Bonus only.