Sports organizations offer a wide variety of compensation and total reward programs, which need to be customized to reflect the unique business conditions and challenges of the sports industry. The increasingly public focus on pay issues within the industry, as well as the concerns of owners and management, should be taken into account when devising a successful rewards strategy.
Sibson consultants help sports organizations develop a strategic, comprehensive and integrated approach to rewards — one that includes financial and non-financial rewards. Our process engages leadership in an examination of all rewards so decisions can be made about priorities and levels of investments within the context of talent needs. In our experience, rewards are rarely articulated as part of a comprehensive package and many sports organizations do not maximize the value of their compensation investments.
Sibson has experience in developing executive compensation contracts for senior sports industry management as well as compensation programs for entry-level and middle-management positions. Our sports consulting team fully understands the job functions at all levels within sports organizations.
Reward investments can be prioritized for the organization as a whole and by segments within the organization. (For example, a sales force may require unique reward and compensation programs.) We help our clients develop the overall strategy and the programs that will support each segment of the strategy. The total rewards strategy then becomes:
The cornerstone of a total rewards strategy is the Employee Value Exchange, which examines the balance between the rewards that sports organizations offer and the expectations set in exchange for those rewards. This is customized for each client using Sibson's Rewards of Work Model, which examines the proposed suite of rewards an employer offers to its employees. We identify five types of rewards:
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