Tuesday, July 3, 2012

The 4 Factors Critical to a Smart Total Rewards Program

1. Enhancing employee engagement

My view: As engagement gains more and more acceptance in the broader community, there are also more and more detractors. This is to be expected as too many focus on the “engagement survey” and not enough on what the survey reveals or the actions taken as a result of the survey.
But as this research shows, HR pros clearly understand that true engagement efforts draw employees deeper into the culture and expectations of the organization, helping them contribute in more meaningful, valuable and worthwhile ways.

2. Quantifying HR impact on the organization

My view: “What gets measured, gets respected.” This twist on the common aphorism is of even more importance to the HR community as they are often shunted aside as the “party planners” who deal with “the complainers.” Moving out of this perception requires proving the impact of HR efforts in numbers the CFO cares about – the direct impact on the bottom line.

3. Effectively communicating

My view: One of the most common complaints from employees is a lack of communication from management, especially on greater context for changing priorities and strategies. HR pros can play a critical role in helping to train managers to be better communicators, but they can also take steps to better communicate key messages more directly themselves through programs under their direct control, such as strategic recognition that’s focused on organization priorities and objectives.

4. Tying rewards to business strategy

My view: We all understand that we are paid for the work we do. But we become much more convicted in that work when we understand the underlying importance and value of our contributions to overall organization success. This requires every employee both knowing the business strategy and knowing how they contribute to achieving it.
Again, HR pros can help with a strategic recognition program that makes strategic objectives the central focus. In this way, employees are recognized frequently and in a timely way any time they contribute to achieving the strategy in line with company values.
By Derek Irvine is Vice President, Client Strategy & Consulting Service at Globoforce

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