Transcript of "Using Benefits as a Differentiator "
BENEFITS AS ADIFFERENTIATORNHRD: National Summit on Compensation &Rewards
Employee Value Proposition(EVP) Types of Rewards Affiliation: Values, Mkt Position, Work Environment EVP:- balance between the rewards an employer offers Compensation: Base salary, Bonus, Incentive and the expectations they set in lieu of those rewards. Benefits: Health, Retrial, Perks, ESOPS, Paid holidays, Club memeberships Career: Growth, Development, Security Work Content: Challenge, Impact, Structure, Empowerment, Diversity
What employees Want?Employers need to revisit the benefitsthey offer their employees, and figureout the perceived value employeesplace on various benefits. Ideally fororganizations would be to club all thebenefits together, to their plans andshow the gaps between perceivedvalue by employees and real cost tothe company. The new benefits maybe incremental or replacement towhat is already offered with higherperceived value (and maybe lowercosts). The end result should alwaysbe enhancing the overall EVP andorganization objectives.
Total Rewards Optimisation Extent to Extent to which whichtotal rewards total rewards support the are valued by business Total employees objectives Rewards Optimization Total investment and cost structure
Communication Generate attention, Easy access to general and personalized information about create Total Rewards to ensure employees know what the understanding, organization provides and how to use/participate. Tools: build engagement, Online content Personalized statements align the Easy-to-use tools and resources to help employees gain the experience with most value from what the organization provides. Tools: the EVP, inform Modeling tools online transactions, Interactive media. the benefits, drive action Integrated messaging to align perceived value with actual value. Tools: Stories/testimonials, promos, message driven content