How do you ensure that your employee rewards programs are aligned with your business strategy? Does your business consider the total rewards packages on offer and how these play a part in helping the business to achieve its goals?
In a BLR webinar titled "Total Rewards: The Ground-Level Assessment, Design, Execution & Evaluation Tips You Need to Succeed," Robert J. Fulton, Jr., and Karen Vujtech outlined a process to ensure that your total rewards program is aligned with business goals.
You can build a strategically-aligned total rewards strategy by first defining your rewards strategy, and then determining whether your current offerings are strategically aligned. Here are the steps:
- Assess. Asses your business strategy and current programs and policies.
- Develop. Develop your "total rewards" philosophy; design or redesign programs and polices accordingly.
- Execute. Execute both the implementation of the program and appropriate communication about it to ensure it is understood.
- Evaluate. Evaluate the effectiveness by measuring outcomes and interpreting the findings.
This is important because a well-executed total rewards strategy can help develop a value-connection between your employee commitment, their productivity and satisfaction, and it can increase customer satisfaction and improve business results (both operational and financial). It is really important to ensure that you are designing and implementing programs that align to your business strategy.
Robert J. Fulton, Jr., SPHR, CEBS is the Managing Director of The Pathfinder’s Group, Inc. Fulton has specialized in compensation and benefits for over 25 years, with expertise in innovative compensation and benefit strategies for organizations; design of cash compensation, reward, and benefit programs; and analysis of human resources work processes.
Karen Vujtech, SPHR, GPHR is the Managing Director of Total Rewards Consulting, Inc. Vujtech has over 20 years experience in Human Resources with significant expertise in compensation as well as experience in benefits and HR systems management.
Together, they are part of the Walker Alliance (www.walkeralliance.com).
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