Including program development in sales comp, executive comp, incentive comp, ESOPS, stock options, SARs, deferred comp, and phantom stock schemes. Develop position descriptions based on Knowledge, Skills, Abilities and Organizational Impact; benchmarking, internal and external equity analyses, grading, banding and ranking utilizing a “point factor system”, HAY, Mercer, and regression analysis. Develop a rewards program for achieving results, learning, and advanced skill development programs. Deep experience working with Boards’ Compensation Committees and achieving (Sarbanes-Oxley) SOX Compliance.
According to the Harvard Business Review:
A plethora of Employee Surveys reveal that the vast majority of employees are not engaged in what they do. One significant reason is the failure to connect peoples’ jobs with a larger sense of purpose. Too often, the organization seems to be an end in itself; no meaningful link has been forged between the daily tasks of the enterprise and how they serve the customers, work together with each other, increase shareholders value and better society.
What is a Total Reward (TR) Strategy?
A total reward strategy is a comprehensive program implemented by a business entity, i.e. school. Municipalities, government agencies, professional associations, etc. that provides monetary, life-balanced, mutually-beneficial and developmental rewards to employees who achieve specific business goals. The strategy combines compensation, benefits, work life, work-life balance with personal and professional growth opportunities within a motivated and caring work environment. Many of these offerings can be provided at no cost or a low cost, but the results can be very meaningful.
There are at least over 20 Total Reward programs that your organization can consider and decide which ones may be appropriate and effective for your organization. The following steps should be considered and evaluated in implementing a Total Rewards Program: