What is Total Rewards ?
The total rewards strategy is a good place to start with, however with the changing times and low HR budgets, more effective approaches need to be implemented.
A total rewards strategy does this by bringing into account the non-financial incentives that help in employee engagement and retention. Apart from the basic pay, short-term and long-term incentives and a total reward strategy also comprises of the working environment and learning scope for the individuals.
The total rewards strategy of an organization should be in sync with its business and HR strategy.
Why do you need Total Rewards ?
01
Increased Employee Engagement
When the employees are promised rewards of their liking, they feel more seen and engaged.
02
Lower Attrition Rate
High engagement with people leads to a lower scope of them leaving the organization for pay reasons.
03
Analytics
A total rewards strategy when customized and put in place gives us the data to know if it’s working out in the direction we intended it to.
04
One-time HR project
It’s an investment made once and then it’s just an update of the existing strategy to accommodate the latest trends and policy changes.
05
Employee Well-Being
A major focus on looking after the employee from both a financial and non-financial aspect is on the rise, the framework takes the same into account.
COMPONENTS
Individual Rewards :
Rewards that are dedicated to individuals only and differentiated as per designation or job roles.
Reflected In: Compensation Learning & Development
Group Rewards :
Collectively experienced by a group of individuals like health insurance and work flexibility.
Reflected In: Benefits Work Environment
Concrete Rewards :
Defined in the sense of having an impact on the finances of the individual by easing off some financial burden
Reflected In: Benefits Compensation
Value Addition Rewards :
Policies and Programs that build a strong bond between the organization and employees
Reflected In: Learning & DevelopmentWork Environment
Why choose us for Total Rewards ?
We align what drives business with what inspires people—delivering rewards that matter.
Thinking strategically & taking a Future-Focused approach
We identify the rewards packages that best align with your company’s goals and employee preferences so that your total rewards work for you.
Evaluating Employees' Priorities
Employee voices ought to play a larger role in rewards innovation. Our conjoint analyses and survey instruments enable clients to customize total rewards packages based on on-the-ground real insights.
Understanding Talent Strategy
Review your total rewards portfolio to ensure your pay mix is sustainable and gives you a leg up on the competition in every market where you compete.
Measuring Cost & Impact & Rolling Out the Devised Strategy
Given the significant investment organizations make in Total Rewards programs, we measure financial return as well as the impact on employee attraction, retention, and engagement.
Why choose us for Total Rewards ?
adipiscing elit sed do eiusmod tempor incididunt
Thinking strategically & taking a Future-Focused approach
We identify the rewards packages that best align with your company’s goals and employee preferences so that your total rewards work for you.
Evaluating Employees' Priorities
Employee voices ought to play a larger role in rewards innovation. Our conjoint analyses and survey instruments enable clients to customize total rewards packages based on on-the-ground real insights.
Understanding Talent Strategy
Review your total rewards portfolio to ensure your pay mix is sustainable and gives you a leg up on the competition in every market where you compete.
Measuring Cost & Impact & Rolling Out the Devised Strategy
Given the significant investment organizations make in Total Rewards programs, we measure financial return as well as the impact on employee attraction, retention, and engagement.
OUR Methodology
Current Rewards
Framework Analysis
Retaining the strengths of the rewards system
Establishing KPIs for
progress measurement
Understanding Business
and People Strategy
scope for improvement
Understanding total rewards services
Talent Strategy
Identifying the strategic style of working for the organization by understanding the people requirements and business capabilities.
Employee Preferences
Taking into account what the talent even wants when it comes to rewards and the bifurcation that they‘re interested in gives more perspective.
Competencies Identification
This helps in understanding what competencies are requested out of the employees when performing their jobs along with the ones that are needed to progress the work in the direction of the right strategic style.
Total Rewards Internal Equity check
- Job Descriptions : To understand the unique roles in your organization that form the base for defining the relative worth or size of each job.
- Job Evaluation : Using various approaches such as Factor Comparison and Point Factor methodology to define the relative worth of jobs within an organization to arrive at Job Grade Structure.
Pay Management
- Salary Structures Determination : To reflect compensation philosophy, market competitiveness, and internal equity, we develop salary structures that are right for you.
- Pay Philosophy : Determining the pay range and providing a framework for sound pay management (pay increases or pay movement) to manage the cost of resources.
Incentives Plan strategy
- Benefits Strategy : Short-term and long-term benefits strategy structuring as per the pay philosophy
- Other aspects of total rewards strategy : Focus on the work environment along with learning and development.
Devising the evolved total rewards strategy
Based on the performance and potential of the employees, the new rewards framework is proposed which is in sync with the strategic direction of the business as well as the employees’ priorities.
Budgeting for total rewards strategy execution
From preparing the employee information to distributing employees in terms of performance ratings, proposing a revised framework for their rewards package, and getting to a final one.
Communication of the strategy
With our support, you can well communicate your rewards strategy to your people in the organization.
Total Rewards Service Offerings
Choose where you’d like to begin
- Business Strategy Understanding
- Competencies Identification
- Job Description
- Job Evaluation
- Reward Compliance
- Benefits Strategy
- Pay Structure Design
- Reward Framework
- Total Rewards Communication
- Financial And Non-Financial Incentives