With many organizations competing to attract and retain top talent, it’s not enough to simply offer an attractive salary anymore. Many companies have adopted a total rewards strategy in an effort to gain a competitive edge in the labour market. Competitive pay is still important, but so too are the intangible benefits that add to good corporate culture.
The following sites look at effective, cost-sensible total rewards strategies from different angles.
Generational influences
www.tasb.org/products_services/hr_services/hrx
The Texas Association of School Boards puts out this free publication on HR issues and practices in the public school system. There is an article on developing a total rewards strategy in the February 2003 issue, accessed through the “Archives” button. Although the article is geared toward the education industry, there is valuable information here for HR professionals. The author takes a look at the generational influences on total rewards strategies and breaks the workforce into four main age demographics: veterans; baby boomers; generation X’ers; and generation Y’ers. By identifying what each generation values, the author suggests ways to “add to the total rewards package in ways that your employees, or targeted groups of employees, will value.”
Five steps to total rewards
www.ntcassoc.org/PDF/Article_04_total_rewards_article_2X.pdf
This whitepaper looks at how to implement a total rewards strategy to attract and retain top talent in a tight labour market. According to the authors, talent retention is affected significantly by the aging of boomers and by shrinkage in the number of young workers. They state that “companies that succeed will be those that restructure work and rewards to better align people with business strategy.” The paper outlines a five-step approach, and discusses how to develop an implementation plan that will strike a balance between effectiveness and cost.
Improving communication to improve staffing
www.workplacecom.com/news/newsletters/download/Fall1999.pdf
This short article from Workplace Communications examines the importance of effectively communicating the benefits package to recruits and new hires. The article suggests that the reason an organization might fall short of its staffing goals is that it fails “to take full advantage of a valuable asset — the benefits package.” Changes to the way the benefits package is presented may help attract new recruits, simplify orientation, reduce confusion, increase plan participation, and also decrease the cost of claims, ultimately improving plan savings.
Aligning rewards to business goals
www.buckconsultants.com/Services/total/manaswhitepaper.pdf
A summary of results from a survey of mid- to senior-level HR practitioners at approximately 150 U.S. companies. The objective was to determine how companies were aligning rewards to business goals. It asked respondents almost 1,000 questions, including: strategic planning questions regarding general business strategy, value chain strategy and specific business strategy; organizational capabilities questions; people strategy questions; and rewards strategy questions. The summary presents key findings and presents recommendations for fine-tuning rewards programs.
Total rewards in historic context
www.hrzone.com/articles/compensation.html#total_rewards
This article examines the evolution of the total rewards strategy. It looks at the compensation and rewards trends under what they call the “Old Deal,” which is roughly the time period between the 1960s to the 1980s; the “New Deal,” being the period of downsizing in the late 1980s and much of the 1990s; and the “Better Deal,” at present. The article ties in the theory of total rewards in a section near the end, and discusses its place in the present business economy.
Shannon Simson is Canadian HR Reporter’s resource editor. Her Web Sight column appears regularly in the CloseUp section. To share an interesting HR Web site, contact [email protected].
The following sites look at effective, cost-sensible total rewards strategies from different angles.
Generational influences
www.tasb.org/products_services/hr_services/hrx
The Texas Association of School Boards puts out this free publication on HR issues and practices in the public school system. There is an article on developing a total rewards strategy in the February 2003 issue, accessed through the “Archives” button. Although the article is geared toward the education industry, there is valuable information here for HR professionals. The author takes a look at the generational influences on total rewards strategies and breaks the workforce into four main age demographics: veterans; baby boomers; generation X’ers; and generation Y’ers. By identifying what each generation values, the author suggests ways to “add to the total rewards package in ways that your employees, or targeted groups of employees, will value.”
Five steps to total rewards
www.ntcassoc.org/PDF/Article_04_total_rewards_article_2X.pdf
This whitepaper looks at how to implement a total rewards strategy to attract and retain top talent in a tight labour market. According to the authors, talent retention is affected significantly by the aging of boomers and by shrinkage in the number of young workers. They state that “companies that succeed will be those that restructure work and rewards to better align people with business strategy.” The paper outlines a five-step approach, and discusses how to develop an implementation plan that will strike a balance between effectiveness and cost.
Improving communication to improve staffing
www.workplacecom.com/news/newsletters/download/Fall1999.pdf
This short article from Workplace Communications examines the importance of effectively communicating the benefits package to recruits and new hires. The article suggests that the reason an organization might fall short of its staffing goals is that it fails “to take full advantage of a valuable asset — the benefits package.” Changes to the way the benefits package is presented may help attract new recruits, simplify orientation, reduce confusion, increase plan participation, and also decrease the cost of claims, ultimately improving plan savings.
Aligning rewards to business goals
www.buckconsultants.com/Services/total/manaswhitepaper.pdf
A summary of results from a survey of mid- to senior-level HR practitioners at approximately 150 U.S. companies. The objective was to determine how companies were aligning rewards to business goals. It asked respondents almost 1,000 questions, including: strategic planning questions regarding general business strategy, value chain strategy and specific business strategy; organizational capabilities questions; people strategy questions; and rewards strategy questions. The summary presents key findings and presents recommendations for fine-tuning rewards programs.
Total rewards in historic context
www.hrzone.com/articles/compensation.html#total_rewards
This article examines the evolution of the total rewards strategy. It looks at the compensation and rewards trends under what they call the “Old Deal,” which is roughly the time period between the 1960s to the 1980s; the “New Deal,” being the period of downsizing in the late 1980s and much of the 1990s; and the “Better Deal,” at present. The article ties in the theory of total rewards in a section near the end, and discusses its place in the present business economy.
Shannon Simson is Canadian HR Reporter’s resource editor. Her Web Sight column appears regularly in the CloseUp section. To share an interesting HR Web site, contact [email protected].
