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Total Rewards Strategy by Derek Hendrikz
The document discusses the concept of total rewards, which encompasses various tools that employers can use to attract, motivate, and retain employees. It outlines the benefits of a total rewards strategy for both organizations and employees, emphasizing the importance of aligning rewards with performance and organizational goals. Additionally, it highlights the need for a structured approach to developing an effective total rewards strategy.
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Total Rewards Strategy by Derek Hendrikz
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- 2. Copyright © 2014 DerekHendrikz Consulting www.derekhendrikz.com
- 3. Total Rewards areall of the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship. The concept of total rewards has advanced considerably. The power of total rewards is in leveraging the concept as a whole and the individual elements to attract, motivate and retain talent. www.derekhendrikz.com
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- 6. • Drive organizationalsuccess through greater talent attraction, engagement and retention • Guide investment decisions for the employer while enabling informed choices for the employee • Clarify the employer-employee relationship • Build a distinctive employment brand • Increase the return on rewards and create value for the enterprise www.derekhendrikz.com
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- 9. Employers View… EmployeeView… 1 Challenging work 1 Base salary 2 Base salary 2 Job security 3 Career advancement 3 Career advancement opportunities 4 Health/Wellness 4 Organization reputation 5 Organization values 5 Convenient work 6 Organization Reputation 6 Learning opportunities 7 Organization Performance 7 Health/Wellness benefits www.derekhendrikz.com
- 10. Employers View… EmployeeView… 1 Challenging work 1 Career advancement opportunities 2 Ability to impact 2 Base salary 3 Career advancement opportunities 3 Job security 4 Base salary 4 Challenging work 5 Organization values 5 Organization 6 Organization performance 6 Learning opportunities 7 Job autonomy 7 Convenient work location www.derekhendrikz.com
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- 13. 1. Understand organisationaloutcomes and the processes and projects which it must deliver; 2. Develop a master scorecard; 3. Link the master scorecard to human performance; 4. Conduct Job Grading Analysis; 5. Define the Employee Value exchange (EVE); and 6. Develop the Total Rewards Strategy (TRS). www.derekhendrikz.com
- 14. Company Expectations EmployeeRewards www.derekhendrikz.com
- 15. …an effective totalrewards strategy enables organisations to deliver the right amount of rewards, to the right people, at the right time, for the right reason... www.derekhendrikz.com
- 16. • Employees believethat good performance will lead to more pay • Employees want more pay • Employees do not believe that good performance will lead to negative consequences • Employees see that other desired rewards besides pay result from good performance • Employees believe that their efforts do lead to improved performance www.derekhendrikz.com
- 17. 1. Fund thePool 2. Split the Pool www.derekhendrikz.com
- 18. Total Rewards StrategyElements Skill Job Risk Performance H M L H M L H M L Compensation • Xxx • xxx Benefits • Xxx • xxx Work Life • Xxx • xxx Professional Development • Xxx • xxx Career Development • Xxx • xxx Work Environment • Xxx • xxx www.derekhendrikz.com
- 19. Total Rewards StrategyElements Weight Value Compensation • Xxx • xxx Benefits • Xxx • xxx Work Life • Xxx • xxx Professional Development • Xxx • xxx Career Development • Xxx • xxx Work Environment • Xxx • xxx Employee Name: Job Description: Skills Risk: Job Risk: Performance Risk: www.derekhendrikz.com