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BUILDING A TOTAL REWARDS PROGRAM FOR YOUR WORKFORCE
Why a diverse workforce, requires diverse rewards
WADE ROSEN Co-founder & CEO
DEFINING TOTAL REWARDS It all starts with culture
Values 1. Culture 2. Rewards Program 3.
Identify what your company and
employees value
How do those values define your company culture?
Building total rewards that reflect
your company culture
DEFINING TOTAL REWARDS Companies who got it right
3 TENETS OF TOTAL REWARDS To build a program with value
1. Flexibility
2. Fulfill a Need or a Want
3. Customizable
3 TENETS OF TOTAL REWARDS Flexibility
• Offer choice
• Recognize different needs within your workforce
• Give employees a choice between rewards they want, and rewards they need
3 TENETS OF TOTAL REWARDS Fulfill a need or want
• Value is created when an employee needs or wants the reward given
• Consider factors (financial, marital, etc.) that affect needs
3 TENETS OF TOTAL REWARDS
• Knowing your workforce
• Personalized and meaningful rewards
• Celebrate achievements relevant to your corporate culture (e.g anniversaries if a premium is placed on loyalty)
Customizable
SYMBIOTIC REWARDS Mutually beneficial to employer and employees
Pre-tax Benefits
Vacation Benefits
Wellness Benefits
REWARDS TODAY Total Rewards in Action
Wellness Programs & Work Out Facilities Symbiotic Customizable Need or want based Remote Work Options & Vacation Benefits Flexible Need or want based
Employee Milestone & Performance Recognition Symbiotic Customizable Need or want based
Learning &Development Opportunities Symbiotic Customizable Need or want based
Office Games & Healthy Snacks Symbiotic Need or want based Parking Services & Bus Passes Symbiotic Need or want based
• Reward with a definitive reason for why & when • game rooms to decrease stress • paid parking to cut down on tardiness • rewards to encourage outstanding work
• Rewards should improve the quality of work, not detract from it
• Communicate parameters to prevent resentment
BUILDING A PROGRAM FOR YOUR WORKFORCE Rewarding with purpose
BUILDING A PROGRAM FOR YOUR WORKFORCE Things to consider
• The current workforce currently caters to three generations: Baby Boomers, Gen X & Millennials
• Transitioning from a paycheck-driven demographic to a purpose-driven
demographic • Program flexibility is key, one size does not fit all
• Factors that impact employee needs:
• Financial Stability • Marital / familial status • Work life balance ideals
BUILDING A PROGRAM FOR YOUR WORKFORCE Perceived value > actual cost
Perceived value is highest when rewards improve
quality of life Healthy Snacks
Eco Passes
Experiences
Employee Rewards Attract talent
Employee Recognition Retaining talent
VS.
RECOGNITION & TOTAL REWARDS
Employee recognition: The return on an employee’s effort, dedication at work, and results.
An extension of your total rewards program
JENNIFER CARACCIOLO Human Resources Leader, SPHR
Sustainability & Scalability
Can rewards be maintained when you’re 2, 5, 15 times your current size? • The multiplying effect (in cost and otherwise) • Rewards are harder to take away than to implement
THE FUTURE OF REWARDS
Institute a program that can grow with your company.
How to avoid it: • Build a culture around core values • Reward when deserved • Make sure value remains in your rewards with the three tenets
Culture Rot
An environment where employees view your total rewards as an expectation or privilege rather than a reward.
THE FUTURE OF REWARDS
THE PAYOFF OF TOTAL REWARDS
Improve Ease of Recruitment: ~49% of employees said benefits were an important reason they came to work for a company (MetLife’s annual trends study)
Increase Retention Rates: 60% of employees polled said benefits are an important reason for staying at a company (MetLife’s annual trends study)
Increase Employee Engagement: Engaged employees value a more balanced, less oriented toward pay-only rewards package, compared to those who are disengaged. (2015 study by Aon Hewitt)
Q&A
