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TalentTakeaways
webinar & podcast series
COMMUNICATING
TOTAL REWARDS
3 Keys to Building
Engagement & Retention
AGENDAThe Series
TalentTakeaways
webinar & podcast series
Talent Takeaways Series
AGENDAAGENDAThe Sponsor
Talent Takeaways Series
Talent Management
Made for Managers
Compensation Planning Total Rewards St...
Communicating Total Rewards
3 Keys to Building Engagement and Retention
Zachary Weinberger
Managing Consultant
Remuneratio...
What We’ll Cover Today
The true impact of rewards communication
1. Balancing theory and practice
2. Applying a transparent...
How good are we at communicating rewards?
Towers Watson’s 2014 Global Workforce and Global Talent
Management and Rewards s...
The Solution
Make it simple
Explain why; not only what, when and how
• When they understand the rational, people assimilat...
OBJECTIVE OF COMMUNICATIONS PROGRAMS
Tactical:
• AWARENESS: Improve awareness of the different elements of the
total compe...
In Short
The goal of a rewards program communication plan is:
For your employees (present and future) to see their rewards...
1. Theory and Practice
Theory: a contemplative and rational type of abstract or
generalizing thinking, or the results of s...
What are we communicating?
Rewards philosophy
Rewards program objectives
Rewards process
• Mechanics
• Base pay plans
• Pl...
How Much Theory
10% to 80% theory
• 10% - general , broad based employee communication
• 80% - HR compensation training
Ph...
2 Transparency
Transparency: as used in science, engineering, business, the humanities and
in other social contexts, impli...
How Transparent are we?
39% - No salary range information
22% - Limited salary range info (employee’s range)
8% - Limited ...
How Transparent Should We Be?
As transparent as possible
To increase transparency, we must actively include greater
disclo...
3 Who is the Audience?
Senior Leadership – need to understand and endorse rewards plans and programs
Executives – need to ...
Communication Channels
Face to face meetings
Print
• Presentation Decks
• Brochures
• Post cards
Direct mail
Email
Portals...
Making the Message Stick
Classical forms of communicating include:
• Ethos – credibility of message (messenger)
• Pathos –...
Measure Success
Is content accurate and understandable?
Is content being delivered?
• Are communications sessions taking p...
Overall Summary
Philosophy guides Strategy
Strategy guides Communication (tactics)
Simplify the message (simple design hel...
Thanks!
Zachary Weinberger
Managing Consultant
Remuneration Resources, LLC
zweinberger@remunerationresources.com
www.Remun...
AGENDAAGENDA
 Downloads
 Recorded Webinars
 Product Tour & Demo
Resources & Support
Talent Takeaways Series
Resources
Talent Takeaways Series
Connect, Communicate & Engage with Your Employees
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Total Rewards Software
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Communicating Total Rewards: 3 Keys to Building Engagement & Retention

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Even with all the hard work done by compensation and HR leaders, most employees don't understand the value of their employment package.   And many managers don't know where to find the information necessary to explain the total value of employment.  The result: unnecessary turnover, frustration, costs and wasted time.
 
Please join us for an exclusive webinar with experienced compensation consultant Zachary Weinberger.  Zachary will share inside strategies and best practices on how leading organizations are successfully communicating total rewards programs to dramatically improve engagement and retention.  
 
In this webinar you will learn how to make your existing compensation program a powerful retention tool including: 
 
· How to balance theory and practice
· How to apply a transparent model to communicate total employment value
· How to analyze your audience and use technology to communicate total rewards
· How to leverage multiple communication channels to maximize engagement

Published in: Recruiting & HR
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Communicating Total Rewards: 3 Keys to Building Engagement & Retention

  1. 1. TalentTakeaways webinar & podcast series COMMUNICATING TOTAL REWARDS 3 Keys to Building Engagement & Retention
  2. 2. AGENDAThe Series TalentTakeaways webinar & podcast series Talent Takeaways Series
  3. 3. AGENDAAGENDAThe Sponsor Talent Takeaways Series Talent Management Made for Managers Compensation Planning Total Rewards Stay Interviews
  4. 4. Communicating Total Rewards 3 Keys to Building Engagement and Retention Zachary Weinberger Managing Consultant Remuneration Resources, LLC www.RemunerationResources.com
  5. 5. What We’ll Cover Today The true impact of rewards communication 1. Balancing theory and practice 2. Applying a transparent model to communicate total employment value 3. Understanding your audience and using technology to communicate total rewards RemunerationResources,LLC 5
  6. 6. How good are we at communicating rewards? Towers Watson’s 2014 Global Workforce and Global Talent Management and Rewards study shows only half (52%) of employees feel their company does a good job of explaining pay programs 29% of respondents in a 2007 WorldatWork survey said that pay communication is the component of their company’s rewards program most in need of improvement 53% of respondents in Payscale’s 2014 compensation survey felt their organization does not offer managers training to teach them how to talk to employees about compensation Incentive plans are intended to drive behavior yet only 31% of HR managers believe employees understand how plans operate RemunerationResources,LLC 6
  7. 7. The Solution Make it simple Explain why; not only what, when and how • When they understand the rational, people assimilate information better Share more information rather than less • Nature abhors a vacuum – the less information employees have the more they invent (rumor, gossip, etc.) • The more information they have (up to a point) the better they understand and accept the information Use multiple approaches • Not all audiences need the same information • Not all people absorb information the same way RemunerationResources,LLC 7
  8. 8. OBJECTIVE OF COMMUNICATIONS PROGRAMS Tactical: • AWARENESS: Improve awareness of the different elements of the total compensation program • UNDERSTANDING: Provide clarity around the total compensation program • APPRECIATION: Communicate the collective mix and relationship of various pay elements Strategic: • ENGAGEMENT: Employees are loyal and productive • RETENTION: Employees stay with the company RemunerationResources,LLC 8
  9. 9. In Short The goal of a rewards program communication plan is: For your employees (present and future) to see their rewards package as the tremendous offering that it truly is, they need to understand it. This starts with grasping your company’s compensation philosophy, your base pay system, your bonus programs, and the role your culture plays in promoting and supporting career growth. If your rewards communications connect the dots between their benefits, pay, performance, and career development employees will be increasingly engaged and loyal. RemunerationResources,LLC 9
  10. 10. 1. Theory and Practice Theory: a contemplative and rational type of abstract or generalizing thinking, or the results of such thinking. A theory provides an explanatory framework for some observation. • The rationale… • Why we do it … • How to think about it … Practice: the actual application or use of an idea, belief, or method as opposed to theories about such application or use • How to do it …. • What we do … • The processes we use … • How to pick a starting salary • How to process a merit increase • How the bonus plan works RemunerationResources,LLC 10
  11. 11. What are we communicating? Rewards philosophy Rewards program objectives Rewards process • Mechanics • Base pay plans • Plan changes • Incentive plans • Benefit plans • Benefits plan changes • Total rewards statements • Mobility programs • Etc. RemunerationResources,LLC 11
  12. 12. How Much Theory 10% to 80% theory • 10% - general , broad based employee communication • 80% - HR compensation training Philosophy underlies theory Theory is why the process is what it is and the rational for decision making • Can be strategic or tactical Practice is the process or processes we follow • Can be tactical or operational RemunerationResources,LLC 12
  13. 13. 2 Transparency Transparency: as used in science, engineering, business, the humanities and in other social contexts, implies openness, communication, and accountability. Transparency is operating in such a way that it is easy for others to see what actions are performed. It has been defined simply as "the perceived quality of intentionally shared information from a sender". (1) The level of transparency depends on the compensation philosophy and culture of the organization • Trend is to greater transparency • With transparency employees get accurate information rather than false rumors • Greater transparency builds trust in the organization which leads to greater engagement (1)Schnackenberg, Andrew K.; Tomlinson, Edward C. (March 2014). "Organizational transparency: a new perspective on managing trust in organization-stakeholder relationships". Journal of Management RemunerationResources,LLC 13
  14. 14. How Transparent are we? 39% - No salary range information 22% - Limited salary range info (employee’s range) 8% - Limited information (employee range and next range up) 18% - Some other approach 13% - Transparent Pearl Meyer – Published in WorkSpan 2/13 RemunerationResources,LLC 14
  15. 15. How Transparent Should We Be? As transparent as possible To increase transparency, we must actively include greater disclosure, clarity, and accuracy in our communications Do not loose simplicity and clarity - too much information does not increase transparency RemunerationResources,LLC 15
  16. 16. 3 Who is the Audience? Senior Leadership – need to understand and endorse rewards plans and programs Executives – need to understand and approve rewards plans and communication programs Human Resources - need additional training and information to help answer manager questions Managers – need additional training and information to help answer employee questions, in addition to understanding the information as it applies to them Employees – need to understand rewards plans and programs Employee Families – need to understand impact on them Other… RemunerationResources,LLC 16
  17. 17. Communication Channels Face to face meetings Print • Presentation Decks • Brochures • Post cards Direct mail Email Portals – will it also work on a smartphone? Social media Online modeling Other… RemunerationResources,LLC 17
  18. 18. Making the Message Stick Classical forms of communicating include: • Ethos – credibility of message (messenger) • Pathos – emotional appeal • Logos – rationale Identify key messages • While balancing theory with practice: be focused • Be clear and simple Be Relevant • explain why the message is important to the audience - answer “what’s in it for me?” Start at hire and continue throughout the employee life cycle • Annually • Quarterly • As needed RemunerationResources,LLC 18
  19. 19. Measure Success Is content accurate and understandable? Is content being delivered? • Are communications sessions taking place? • Are employees receiving print and electronic communications? Do HR and line managers feel they can answer employee questions? – survey them Was the merit process completed timely and with few complaints? Did employees sign up in the proportion desired? Was the reaction as expected? RemunerationResources,LLC 19
  20. 20. Overall Summary Philosophy guides Strategy Strategy guides Communication (tactics) Simplify the message (simple design helps) Provide as much information as organizational culture will allow Prepare HR and Managers more ( they need to answer employee questions); Gear communications to various audiences • Differentiate by audience • Be inclusive Communicate early and often via multiple channels and in balance with other HR and company communications RemunerationResources,LLC 20
  21. 21. Thanks! Zachary Weinberger Managing Consultant Remuneration Resources, LLC zweinberger@remunerationresources.com www.RemunerationResources.com +1 (203) 561-7315 RemunerationResources,LLC 21
  22. 22. AGENDAAGENDA  Downloads  Recorded Webinars  Product Tour & Demo Resources & Support Talent Takeaways Series
  23. 23. Resources Talent Takeaways Series Connect, Communicate & Engage with Your Employees REWARDview™ Total Rewards Software

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