2. A little background about me
Retail - 36,000 employees in 49 states
Banking – 55,000 employees in 13 states
Consumer Goods – 20,000 employees world wide
Social Services Non-profit – 8,000 employees in 50 states
Non-Profit Healthcare System – 30,000 employees in 5 states
Education – 5,000 employees
Non-Profit Healthcare System – 12,000 regional employees
3. What is Total Rewards
Total rewards can be defined as all of the employer’s available tools that
may be used to attract, motivate, and retain employees.
There is no standard Total reward philosophy and is tailored to specific
organizational needs.
4. Total Rewards Should Help Answer
Questions Like:
why do employees choose to remain with a particular employer?,
why do they leave?,
what factors motivate performance and commitment?.
5. The objective of a well-
designed Total Rewards
program
• DRIVE DESIRED BEHAVIORS IN THE WORKFORCE,
• REINFORCE OVERALL BUSINESS STRATEGY,
• ENSURE ORGANIZATIONAL SUCCESS.
6. Total Rewards includes:
• BASE PAY
• INCENTIVES
• EQUITY
• RECOGNITION
• BENEFITS & WELLNESS
• ALL TIED TO PERFORMANCE MANAGEMENT
7. Reasons why employees quit a job
BAMBOOHR RECENTLY CONDUCTED A SURVEY ASKING
EMPLOYEES THE REASONS WHY THEY QUIT A JOB. THE
SAMPLE INCLUDED MORE THAN 1,000 U.S. EMPLOYEES OVER
THE AGE OF 24 YEARS OLD.
8. Reason # 1: They decided that work wasn’t
something they wanted to do (28%).
Reason #2: They thought they were given
different work than they expected from the
hiring process (26%).
Reason #3: Their boss was a jerk (23%).
Reason #4: They didn’t receive enough
training.
9.
10. How can Total Rewards help in
engagement?
What are the most pressing issues in the Total Rewards Space?
Salary, Health Benefits Top the Compensation List
11. Human Capital Media Advisory Group
Survey
91 percent of the roughly 120 HR professionals included said salary and
pay were employees’ most important compensation offering
68 percent said health care
33 percent of HR professionals cited Work Culture as employees’ most-
cherished compensation offering
12. When it comes to measuring compensation offerings, HR
professionals identified employee satisfaction and retention as the
top two ways they measure the success of their program.
67% Employee Satisfaction
67% Retention
43% Employee engagement
33% each — Benchmarking or job offer
18% Directly measure return on investment
13. Most HR respondents plan to keep benefits
offerings at current-year levels.
71 % planned to neither increase or decrease benefits offerings over the
next year
5% planning to significantly increase benefits offerings
16% planned to slightly increase benefits offerings.
0% planned to significantly decrease benefits offerings
8% planned to slightly decrease benefits offerings over the next year.
14. On Compensation
44 of 120 respondents plan to slightly increase employee compensation
42% likely keep it at current levels over the next year.
11% plan to significantly increase compensation
2% plan to slightly decrease compensation
Less than 1% plan to significantly decrease employee compensation over
the course of the next year
15. How Total Rewards can assist in
Engagement
1. Define Your Compensation Strategy
2. Identify Your Critical Healthcare Talent
3. Build a Pay for Performance Model
4. Pay Competitively. Pay Appropriately. Pay Accurately.
5. Create a Compensation Communication Plan
16. Benefits - Need to play not to Win
Any Consumer Driven initiative not already in place – start to bend the
trend line in health costs; 20% of employees make up 80% of the medical
costs
Care Management and Disease Management have far better ROI than
Wellness
Measure your turnover – is it worth the investment? Not in retail
Employee Information portals – need better decisions
No cost items that bring value – Economies of Scale Voluntary Benefits
Increase the perceived value of benefit offerings, i.e. pension and 401(k)
17. Emerging issues in Compensation at
Parkland
Career Path Progression
Clinical Ladders
Advanced Practice Providers
18. Total Rewards Initiatives – How to push
through
C- Suite support, it’s critical to have HR at the C-Suite table or at least a
strong voice
Align HR and TR Objectives with Organizational
Align yourself with Finance
Build strong relationships with your vendors
Be astute in actuarial and underwriting methodologies
Be ahead of the C-Suite in emerging trends
21. What “gene” is needed in a leader?
“I have never seen a great leader that didn't have the generosity gene.
Take care of your people, let them know where they stand, cheer them,
never take credit for what they do, and they'll go to the moon for you.”
“I wish I'd identified the generosity gene as a clear requirement. I never
would have made as many mistakes picking people as I did.”
“Once you're in charge of people, it's no longer about you--it's about your
team. Any leader who still thinks it's about him is destined to fail.”
Jack Welch – Former CEO of General Electric
This encompasses every single investment that a company makes in its people and everything its employees value in the employment relationship. It answers questions like:
This encompasses every single investment that a company makes in its people and everything its employees value in the employment relationship
The solution is to find the proper mix of rewards that satisfies the personal and financial needs of a current and potential workforce given existing business conditions and cost constraints.
Employees are motivated by many things and a well-designed total rewards approach takes this into account. Each component has its own purpose.
Total rewards are only truly successful when they are integrated into a holistic workforce strategy. Every function within HR is equally important. Employees are motivated by many things which is why we need to blur the lines of the typical HR silos to make sure all functions are working together to optimize performance
So, what were some of the main reasons why people quit and what can you do about it?
What didn’t make the top list for turnover? Having lots of perks and benefits, including free food, unlimited vacation time, and so forth. We always hear about Google’s awesome perks and benefits, but less than 1% indicated that those perks and incentives would have made a difference as to whether they would stay or leave the job. What it ultimately comes down to is whether the work meets their expectations and is a good fit, whether they enjoy working with their boss, and whether they feel like the company is “investing” in them.
One of my favorite people and quotes. I believe Humility is underrated as a leader…….
Employers overwhelmingly rank salary and health care benefits as the areas of their compensation package that are most important to employees, according to a recent survey by Human Capital Media Advisory Group, the research arm of Talent Management magazine.
