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Getting Total Rewards Right

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Attracting candidates involves more than just offering a competitive salary. This slideshare looks at what should go into the total rewards program.

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Getting Total Rewards Right

  1. 1. Getting Total Rewards Right bamboohr.com payscale.com
  2. 2. Getting Total Rewards Right bamboohr.com payscale.com Mykkah Herner Modern Comp Evangelist Payscale Ryan Sanders Chief Operating Officer BambooHR
  3. 3. Getting Total Rewards Right bamboohr.com payscale.com • Getting pay right matters • Competitive market
  4. 4. Getting Total Rewards Right bamboohr.com payscale.com What are Total Rewards?
  5. 5. Getting Total Rewards Right bamboohr.com payscale.com Building Total Rewards
  6. 6. Getting Total Rewards Right bamboohr.com payscale.com Culture, Philosophy, Strategy, Benefits
  7. 7. Getting Total Rewards Right bamboohr.com payscale.com Meaningful Benefits: • Financial Peace University • Paid Paid Vacation • Fido Friday
  8. 8. Getting Total Rewards Right bamboohr.com payscale.com Base Pay
  9. 9. Getting Total Rewards Right bamboohr.com payscale.com Variable Pay
  10. 10. Getting Total Rewards Right bamboohr.com payscale.com • Incentive • Project Bonus • Retention Bonus • Signing Bonus • Perks The variable pay umbrella.
  11. 11. Getting Total Rewards Right bamboohr.com payscale.com 69.0% 75.2% 69.3% 47.0% 12.6% Executives Directors and Managers Professional, Technical and Administrative Exempt Employees Non-Exempt Workers Other (please specify) Who gets bonuses?
  12. 12. Getting Total Rewards Right bamboohr.com payscale.com What type of bonus? 15.8% 18.1% 61.8% 25.7% 40.0% 14.4% Retention bonuses Hiring bonuses Individual incentive bonuses Team incentive bonuses Spot bonuses or other discretionary bonus programs Other (please specify)
  13. 13. Getting Total Rewards Right bamboohr.com payscale.com How frequently? 4.9% 12.6% 6.4% 66.6% 9.4% Monthly Quarterly Biannual Annual Ad-hoc
  14. 14. Getting Total Rewards Right bamboohr.com payscale.com Rewards & Recognition
  15. 15. Getting Total Rewards Right bamboohr.com payscale.com Consider Individual vs. Collaborative What are you reinforcing?
  16. 16. Getting Total Rewards Right bamboohr.com payscale.com Consider Perverse Incentives Earn recognition...or else. Everyone (read: no one) is Special
  17. 17. Getting Total Rewards Right bamboohr.com payscale.com Consider Two-way Recognition Company Life Cycle Employee Contributions
  18. 18. Getting Total Rewards Right bamboohr.com payscale.com Get Creative • Passes to sporting events • Catered lunches for winning teams • Days off after big deadlines • Choice of work assignment • Development opportunities • Lunch with the CEO • Remote work
  19. 19. Getting Total Rewards Right bamboohr.com payscale.com How can you tailor your rewards to your culture and your workforce?
  20. 20. Getting Total Rewards Right bamboohr.com payscale.com Workforce Characteristics • Generation • Life stage or lifestyle • Income and/or class • Urban and/or rural • Size of organization • Job function https://www.bamboohr.com/webinars/diverse-workforce/
  21. 21. Getting Total Rewards Right bamboohr.com payscale.com Baby Boomers · 1946 – 1964 · Size: 74M Communication About Comp: Private Average Tenure: 15 Years Career Mindset: Loyal, Self-driven, High Work Ethic, Retirement Generation X · 1965 – 1979 · Size: 66M Communication About Comp: Semi-private Average Tenure: 5 Years Career Mindset: Pessimistic, Self-reliant, Work/Life Balance, Management Millennials · 1980 – 1995 · Size: 74M Communication About Comp: Public Average Tenure: 18-24 Months Career Mindset: Idealistic, Fairness, Flexibility Values, Work/Life Balance, Advancement Generation Z · 1996 – Present · Size: TBD, 69M+ Communication About Comp: Semi-private Average Tenure: TBD Career Mindset: Realistic, Multicultural Fluency, Technology Native, Learning with a Purpose
  22. 22. Getting Total Rewards Right bamboohr.com payscale.com Low Med High Med Low High High High Med High Med Low
  23. 23. Getting Total Rewards Right bamboohr.com payscale.com Overall pay structure may differ based on pay goals.
  24. 24. Getting Total Rewards Right bamboohr.com payscale.com High Rewards & Recognition High Rewards & Recognition Moderate Rewards & Recognition Moderate Rewards & Recognition Moderate Variable High Variable Moderate Variable Low Variable Low Base Low Base High Base Moderate Base High Equity Moderate Equity Moderate Equity Low Equity Mix of pay by life cycle
  25. 25. Getting Total Rewards Right bamboohr.com payscale.com Tips for remaining competitive – or – how to really make it work.
  26. 26. Getting Total Rewards Right bamboohr.com payscale.com A note on fairness: Fair doesn’t necessarily mean equal. EqualFair Differentiate Pay By Generation Life stage or lifestyle Income and/or class Urban and/or rural Size of organization Job function
  27. 27. Getting Total Rewards Right bamboohr.com payscale.com of employees paid above market believe they’re paid at or below80% of employees are ok with low pay if the rationale is explained82% of companies are confident in managers’ ability to have tough pay conversations 17%
  28. 28. Getting Total Rewards Right bamboohr.com payscale.com The PayScale Pay Transparency Spectrum
  29. 29. Getting Total Rewards Right bamboohr.com payscale.com Align to Results
  30. 30. Getting Total Rewards Right bamboohr.com payscale.com Measure Outcomes
  31. 31. Getting Total Rewards Right bamboohr.com payscale.com Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com Thank you!
  32. 32. Getting Total Rewards Right bamboohr.com payscale.com Questions? BambooHR Check out on-demand videos for Elevate at https://www.bamboohr.com/elevate/ Download our free eBook Pay Transparency Spectrum here: http://resources.payscale.com/hr-ebook-pay-transparency-spectrum.html PayScale

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