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Find your Equation for Total Rewards

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  • The top three reasons employees leave boil down to money, lack of career growth, and a feeling of not being valued. And employees will leave. In fact, research shows that employers underestimate that employees are searching for a new job by nearly 2:1. In reality, an average of 65 percent of employees are searching for a new job—a fact that can cause you time, money and interruptions in customer service and/or productivity.
  • A special caution—when you overlook one of the parts of the equation, you eventually find yourself dealing with one – or more – of the pain points. As your business grows, if it doesn’t have a structure or system in place for those three important elements – compensation, benefits and performance management – it leaves itself open to all sorts of risks. Read list
  • Over time, all that really results in something much more serious: a company that isn’t performing to its potential because its employee’s goals aren’t synchronized with the company’s measure of success—which eventually leads to lost customers and lost market share.
  • We’ve developed this company specifically around providing those important elements of the equation. We have specific expertise and a proven track record in helping ensure competitive compensation packages, comprehensive benefits programs to meet a wide employee base, and systematic performance management programs that allow you and your employees to jointly manage their career development.
  • Review tools
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  • With the right components of the equation, you can reap total rewards for both your company and your employees. Review rewards that come with effective compensation, benefits and performance management strategy.
  • TotalRewardSolutions.ppt

    1. 1. Creating Total Rewards that Drive People and Business Excellence
    2. 2. <ul><li>How competitive are your compensation packages in your market? </li></ul><ul><li>How do you use incentives effectively to drive business results? </li></ul><ul><li>How do you remedy inconsistencies in compensation across the company? </li></ul><ul><li>Are you paying for overtime when you don’t have to? </li></ul><ul><li>How can you use performance management to help employees manage their own career development and drive business results? </li></ul><ul><li>Is your turnover rate higher than normal? </li></ul><ul><li>How can you offer benefit choices without draining your budget? </li></ul>© 2011 Total Reward Solutions. Do not copy without permission. Experiencing HR Pains in Business
    3. 3. Top Three Reasons Employees Leave: <ul><li>Inadequate Compensation </li></ul><ul><li>Limited Opportunities for Professional Development </li></ul><ul><li>Insufficient Recognition </li></ul>© 2011 Total Reward Solutions. Do not copy without permission.
    4. 4. (Compensation + Benefits) x Performance Management = Total Rewards Total Reward Equation When all programs are aligned to work together, they attract and motivate people who drive solutions and results to business needs—attracting the right people, reducing turnover and encouraging the achievement that drives success. © 2011 Total Reward Solutions. Do not copy without permission.
    5. 5. <ul><li>Turnover </li></ul><ul><li>Lost Training </li></ul><ul><li>Discrimination </li></ul><ul><li>EEO Compliance Issues </li></ul><ul><li>Inability to Provide Comprehensive Benefits </li></ul><ul><li>Inappropriate Expectations about Bonuses </li></ul>© 2011 Total Reward Solutions. Do not copy without permission. Missing Parts of the Equation Lead to:
    6. 6. <ul><li>Lost Productivity </li></ul><ul><li>Interruptions in Customer Relationships </li></ul>The Real Fall-Out: © 2011 Total Reward Solutions. Do not copy without permission.
    7. 7. Total Reward Solutions <ul><li>Accessibility: Located in Central Indiana, we are able to respond to your needs quickly and provide regular face-to-face consultations. </li></ul><ul><li>Familiarity: We live and work here and, as a result, we have our fingers on trends and expectations of local Central Indiana market. </li></ul><ul><li>Extensive Market Database: Total Reward Solutions has access to the latest relevant data which means you do not have to invest time and money in market surveys. </li></ul><ul><li>Solutions Scalable to Your Company’s Operations: We’re used to working with companies that are growing, so we focus on creating adaptable solutions that grow with your business. </li></ul><ul><li>Dedicated Account Manager: Each client has a dedicated account manager who serves as the single point of contact and manages all support services. </li></ul><ul><li>Service-Centered Pricing: With Total Reward Solutions, you are truly paying for service and expertise—not any overhead. </li></ul>© 2011 Total Reward Solutions. Do not copy without permission. <ul><li>Breadth of Industry Experience: Our exposure to 10+ industries allows us to bring innovation and solutions from other industries to yours. </li></ul>
    8. 8. Specialized Tools <ul><li>21-Point Compensation Audit: We’ll look at your compensation philosophy, job descriptions, who is eligible for overtime, base pay structure, how jobs are compared to market, how the work week is defined for full and part-time employees, and several other items to help you ensure you are in compliance with your compensation and pay practices. </li></ul><ul><li>Benefits Analysis: We’ll define your desired benefits package and then shop to find the best value—one that is cost effective while providing options for employees with a variety of family/life needs </li></ul><ul><li>Qualitative Job-Family Evaluation System: Our proprietary, customized job-family base pay system categorizes jobs by family and level to provide fairness and consistency in base salaries, titles, bonus targets, incentives and more </li></ul>© 2011 Total Reward Solutions. Do not copy without permission.
    9. 9. Additional Services © 2011 Total Reward Solutions. Do not copy without permission. Compensation Benefits Performance Management Base and Merit Pay Structures Local Market Comparative Analysis System Design Profit/Gain Sharing Plans Automated Enrollment Consulting Competencies Evaluation Compensation and Sales Incentive Plans Benefits Design Tie to Pay Increases Job Descriptions and Market Pricing Plan Consolidations FLSA Compliance/Discrimination Analysis Plan Costing Strategy Mergers and Acquisitions Mergers and Acquisitions Due Diligence Reward and Recognitions Internal Equity Reviews Employment Offers
    10. 10. (Compensation + Benefits) x Performance Management = Total Rewards <ul><li>Increased Attraction of Top Talent </li></ul><ul><li>Better Employee Retention </li></ul><ul><li>Less Employee Turnover </li></ul><ul><li>Market-Competitive Compensation Packages </li></ul><ul><li>Consistent Pay Structure </li></ul><ul><li>Cost-Effective Benefits Program </li></ul><ul><li>Systematic Performance Management Process </li></ul><ul><li>Compliance </li></ul>Reap the Rewards! © 2011 Total Reward Solutions. Do not copy without permission.
    11. 11. Thank You! Please call us today at 317.855.7135 to discuss your equation for total rewards.