Total Rewards Strategy by Derek Hendrikz

derek hendrikz
www.derekhendrikz.com

Copyright © 2014
Derek Hendrikz Consulting

Total Rewards are all 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.

• Drive organizational success 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

Employers View… Employee View…
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

Employers View… Employee View…
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

1. Understand organisational outcomes 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).

Company Expectations Employee Rewards

…an effective total rewards strategy
enables organisations to deliver the
right amount of rewards, to the
right people, at the right time, for
the right reason...

• Employees believe that 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

1. Fund the Pool
2. Split the Pool

Total Rewards Strategy Elements 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

Total Rewards Strategy Elements 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:

Total Rewards Strategy by Derek Hendrikz

Total Rewards Strategy by Derek Hendrikz

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