This document discusses how a company's total rewards strategy is key to attracting and retaining top talent. It defines total rewards as all the monetary and non-monetary rewards provided to employees. The presentation provides examples of how different organizations craft their total rewards strategies to align with their business strategies and goals. It also offers tips on using employment branding, competitive pay and benefits, flexible work options, and development opportunities to attract candidates and encourage employees to stay and perform at their best.
3. Agenda
1. What are Total Rewards?
2. What’s a Total Rewards strategy?
3. How can I get and keep the best employees?
4. What are some low or no cost rewards?
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6. IT Company
• Business strategy ‐ innovative products and market
growth.
• TR strategy – competitive pay; strong incentives for
new products and creative solutions; highly flexible
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work environment (few constraints).
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7. Medical Equipment Company
• Business strategy ‐ highly reliable and safe products;
the best training and service.
• TR strategy ‐ competitive base pay and benefits;
small bonus; great orientation and professional
ll b t i t ti d f i l
development; structured and predictable work
environment.
environment
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8. Social Services Non‐Profit
• Organizational strategy ‐ expand geographic reach
and increase effectiveness of service delivery.
• TR strategy – below market pay; family‐oriented; lots
of part‐time staff; good medical benefits; great work
f t ti t ff d di l b fit t k
life balance.
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9. How can I get and keep the best employees?
Your Total Rewards Strategy is the key.
1. What’s great about your organization?
2.
2 Why should I work for you?
Why should I work for you?
3. Why should I stay?
4.
4 Why should I give you my best?
Why should I give you my best?
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10. Employment Branding
• 30 second workplace commercial
• Job postings / ads
• Employee communications
• Infuse it in your workplace
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11. Trends in Base Pay
• In an economic crisis, less focus on pay
• More important: secure position, stable company,
benefits
• No annual increase – 30% nationwide (approx.)
• 2010 annual increases = 2% – 3%
2010 annual increases 2%
• Estimated projections for 2011 = 2.8%
• S l
Salary and hiring freeze to melt soon!
d hi i f l !
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12. Low Cost / No Cost Rewards
• Flexible scheduling
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• Career development
• Personal wellness
• Recognition
• Opportunity to make a difference
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13. Total Rewards Strategy
Your company’s Total Rewards Strategy is the
KEY factor to getting and keeping the best
KEY factor to getting and keeping the best
talent.
1. Figure out your Total Rewards strategy
2. Ask the best talent what they need and want
3. Craft your Total Rewards pie to support your strategy and
3 Craft your Total Rewards pie to support your strategy and
employee desires
4. Show your employees; tell the world!
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