Employee Total Rewards:
Engaging Employees to Achieve Your Strategic Goals
People and the things they do (or don’t do) can often determine the success of an organization. The Wilson Group can provide you with an assessment of current practices and develop specific programs that support the implementation of your strategic plans, goals and desired culture. Research and experience clearly demonstrate that when people see a meaningful reward (extrinsic and intrinsic) for doing the things the organization needs from them, they become more engaged, committed and resourceful.
In high-performing companies, executives spend considerable time and effort to ensure that there are clear and effective business plans, that all functions are well organized, people are well trained and compensated. Yet for many organizations, these activities are done independently with little regard to the impact or requirements for success. There needs to be a direct alignment between what the organization needs and what is measured and rewarded. Further, high performance organizations use specific reward programs for what they do well, and use a strategic portfolio of programs, well integrated and managed to reinforce the actions needed by the organization. Less successful companies rely on one or two primary pay programs or have a loose and confusing connection between pay and performance.
Aligning Total Reward Systems to Your Strategy:
Compensation and reward programs communicate a message, whether intended or by default. The Wilson Group has unique expertise in aligning the total compensation of the organization with the company’s key success factors. Our assessment tools and approach to total compensation and rewards can deliver unique programs that will focus your people and provide meaningful rewards for achievement.
The marketplace for effective talent is always very competitive. To be successful in attracting and retaining desired talent, your organization needs to examine both how and how much people are rewarded. This means that executives need to understand what is important to their people and define what is expected from them. We help our clients to understand and link the roles and accountabilities, with performance metrics and management practices, and with formal compensation and informal recognition programs that make the organization simply work better.
What the Wilson Group Offers:
We work collaboratively with our clients, blending our expertise with the people who know the company. This is a highly effective way to build systems that work. We can assist you with:
- Translating your organization’s strategy into a total compensation philosophy.
- Establishing base pay programs that form an alignment with the responsibilities of the job and salary ranges that reflect the right level of competitiveness with the marketplace.
- Variable cash pay programs – based on corporate, business unit and individual performance– that provide a meaningful stake in the successful achievement of critical goals.
- Equity pay programs that create a meaningful link to the long-term value of the company, including stock options, restricted stock, phantom share and performance based long-term incentive plans.
- A Performance Management Process that creates the dialogue, feedback and learning needed to sustain and improve desired performance.
- Performance based Recognition Programs that provide timely, meaningful and fun opportunities for desired behaviors to be reinforced and performance achievements to be celebrated.
Our process focuses on key business drivers and builds commitment to change. We are both results and process focused, which enables us to be innovative in the development of these programs that can give your company a competitive advantage. This blend of customized compensation and reward programs drive the key elements of the firm’s strategy and reinforce the kind of culture that is essential to the long-term success of the organization. It is just that simple and that important.
Client IllustrationA rapidly growing medical technology company utilized a wide variety of variable cash compensation, equity and recognition programs. However, they found them fragmented and at times conflicting. We worked with them to develop a total rewards philosophy and strategy that defined the core principles reflected in their business strategy and corporate values, assessed each program in terms of these dimensions, and developed new or modified existing programs. This resulted in a set of integrated, effective programs that provided them with specific competitive advantages in the marketplace for talent. This process also provided new tools and information for managers, and created a compelling communications program that strengthened their “employment value proposition.”