Total Rewards Philosophy
Principles Guiding Total Rewards Practices
A Total Rewards Philosophy translates an organization’s vision, strategy and values into a framework that guides the design and decision making of base salary, short and long-term incentives, recognition and benefits. In the development of your Total Rewards Philosophy we will go beyond the competitive rhetoric, create a meaningful and practical philosophy statement and build commitment for the principles guiding your compensation practices.
Our objective is to help you define and articulate how and how much people in your organization are paid – executives, sales, and all other employees.
Our consulting process will address three major stages:
- Context – organizational goals and objectives, unique business challenges (e.g., growth into new markets, reducing costs, fostering creativity, strengthening customer relationships), etc.
- Philosophy – external competitiveness, internal fairness, how performance is rewarded, etc.
- Strategy – purpose and critical requirements of each component of Total Rewards.
Specifically, Wilson Group will work with your organization to:
- Articulate the purpose and critical requirements of each component of your Total Rewards.
- Identify the themes that need to be reflected in how you design and communicate Total Reward Programs.
- Create a Total Employee Value Proposition that demonstrates how your organization differentiates itself from competitors
- Define how performance is rewarded between the various components and applied within each employee group.
A 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.”