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From Total Compensation
Statements To A Total Rewards
SystemGuest Presenter: Christopher FordSenior Director of HR OperationsRiverbed Technology
TalentTakeawayswebinar & podcast series
AGENDAThe Series
TalentTakeawayswebinar & podcast series
Talent Takeaways Series
AGENDAAGENDA
Resource Library
Product Information
Product Tour & Demo
The Sponsor
Talent Takeaways Series
Talent Management Made for Managers
AGENDAThe Presenter
Talent Takeaways Series
From Total Compensation
Statements To A Total Rewards
SystemGuest Presenter: Christopher FordSenior Director of HR OperationsRiverbed Technology
AGENDAThe Agenda
Talent Takeaways Series
Defining Total Compensation & Total Rewards
Total Rewards: Making The Case
Total Rewards Statements
Total Rewards Systems
Cost Considerations
Case Study
From Total Compensation Statements To A Total Rewards System
AGENDADefining Total Compensation & Total Rewards
Talent Takeaways Series
Total Compensation
Total Rewards
Base Pay Bonus Equity
Medical Dental VisionRetirement Plans ESPP / ESOP Insurance, Disability, Long
Term and Short Term CareCommuter Benefits Wellness / EAP Café / Meal DiscountsDeferred Compensation Employee Discounts Vacation (PTO)Sick / Leave Policies Onsite Services (Laundry,
Automobile, Massage, Day Care, etc.)
Travel & Expense PoliciesEmployee Gift ProgramsComp
Base Pay Bonus Equity
Additional BenefitsMedical Dental Vision
AGENDADefining Total Compensation & Total Rewards
Talent Takeaways Series
Total Rewards TipReplace your offer letters with an Employee Value Proposition
AGENDATotal Rewards: Making the Case
Talent Takeaways Series
Total Rewards is a comprehensive valuation of all employee compensation, benefits and perks.
Base Pay
Bonus
Equity
Medical
Retirement
Other
$$$$$$
$$$
$$
$$
$$$
$$$
$$$ TOTAL REWARDS $$$
AGENDATotal Rewards: Making the Case
Talent Takeaways Series
Communicates a broader value proposition
Creates greater appreciation from employees and their families
Contributes to an employer of choice differentiator
The secret sauce for attracting and retaining top talent
AGENDATotal Rewards Statement
Talent Takeaways Series
Benefits• Increases Employee Engagement
• Decreases Voluntary Turnover
• Increases Retention
• Engages the Employees’ Family
Drawbacks• Annual Massive “All HR” Project
• Takes months to prepare
• Incredibly Expensive > $100K
• Out-dated before it’s delivered
Annual statement presented to employees providing a comprehensive valuation of their compensation, benefits and perks.
AGENDATotal Rewards System
Talent Takeaways Series
Benefits• Increases Employee Engagement
• Decreases Voluntary Turnover
• Increases Retention
• Engages the Employees’ Family
Additional Benefits• One-Time All HR Project
• Significantly Less Expensive
• Updated Regularly
• Greater Functionality (WAVE)
• Access to Powerful Analytics
• Low Cost Continuous Innovation
Annual statement presented to employees providing a comprehensive valuation of their compensation, benefits and perks.
AGENDATotal Rewards System
Talent Takeaways Series
Every company’s cost for a Total Reward Statement or System is different based on several factors:
Company Size Global vs. Domestic Language Differentiation
Content Features Branding
Audience Differentiation Team / Resources Vendor(s)
AGENDATotal Rewards System
Talent Takeaways Series
Sample Cost Comparison
AGENDATotal Rewards System Tips
Talent Takeaways Series
What are the considerations for an effective Total Reward System?
PurposefulIntent
Branding
Core ValuesConnection
Simplicity
DomesticFirst
FrequencyTeam
Vendor
ChangeManagement
Architecture
AGENDATotal Rewards Case Study
Talent Takeaways Series
THE CHALLENGEFinancial Services Company already using Total Rewards Statements Large Annual Project HR Project Team Hated the project! Employees didn’t provide + or - feedback Felt Like An Expensive waste of time
THE SOLUTIONAlready working with HRsoft on a Merit Compensation System They shared the Total Rewards System Solution We implemented the solution on time for less than the Total Rewards
Statement We received positive feedback from the CEO, Management Team and
employees We expanded the use of the Total Rewards System for “Stay Conversations”
and better employee branding
AGENDAThe Clear Choice
Talent Takeaways Series
1. Total Rewards presents a better value proposition than Total Compensation
2. Total Rewards Systems offer significantly more advantages than Total Rewards Statements Approximately 30% Lower Cost Over Time One-Time All HR Project vs. Annually Updated Regularly Greater Functionality (WAVE) Access to Powerful Analytics Low Cost Continuous Innovation
3. Choosing To Implement A Total Rewards System is the Clear Choice for the Future
AGENDAQuick Take-Aways
Talent Takeaways Series
Things to consider when considering a Total Rewards System
1. Be purposeful with your intent. What opportunity are you looking to achieve? Employee Branding, Lower Cost, Better Service, Improved Retention, etc. Tie it to company objectives (Attract & Retain Top Talent, Culture / Branding
Initiatives)
2. Keep it simple! Start Small / Less Complex and expand from there Domestic first
Consider where your largest employee populations are Consider what impact and/or outcome you want to achieve with that population
Choose features that are easy to monetize Pay, Bonuses, Equity, Retirement, All Benefits with Employer Contribution,
Employee Gifts, Commuter Benefits, Meal Programs, Discount Programs Choose a manageable update frequency (real-time, weekly, monthly, quarterly) Use Good Change Management. Make it a big deal Consider easy access by employees and/or their family (mobile device enabled)
AGENDAQuick Take-Aways
Talent Takeaways Series
Things to consider when considering a Total Rewards System
3. Build the right team Compensation (Total Rewards), HRIS, Benefits, HR Business Partners, Payroll,
Marketing, IT, Vendor Have an Executive Sponsor (Head of HR) Have a Project Manager Involvement / Endorsement from the CEO and Executive Staff
AGENDAQuick Take-Aways
Talent Takeaways Series
Things to consider when considering a Total Rewards System4. Systems Architecture is a key consideration
Work with your vendor, HRIS and IT on the best overall architectural design. There are many options
Two common approaches are: Data Warehouse Approach Point to Point Approach
AGENDAQ & a
Talent Takeaways Series
Live Q&A
AGENDAAGENDAResources & Support
Talent Takeaways Series
Resource Library
Product Information
Product Tour & Demo
HRsoft.com
The Total Rewards Solution
Talent Takeaways Series