Total Rewards

Colleges and universities offer faculty, administration and staff a wide variety of rewards for working at the institution, many of which may not be well understood or appreciated. Since these rewards are rarely articulated as part of a comprehensive package of rewards, institutions may not be maximizing the value of their investments.

Sibson consultants help clients develop a strategic, comprehensive and integrated approach to rewards – one that includes both financial and non-financial rewards. Our process engages leadership in an examination of all rewards so they can make decisions about priorities and levels of investments in each reward within the context of their talent needs.

Reward investments can be prioritized for the institution as a whole and, if appropriate, by segments within the institution. (For example, an institution may decide to develop unique strategies that vary by school to address differences in markets for talent or differences in objectives.)

The Total Rewards Strategy becomes the roadmap for planning and implementing future interventions, as well as a clear means for communicating the institution's intentions. It can be used as an important component in the institution's employment branding. We help our clients develop the overall strategy and the programs that will support each of the segments of the strategy.

Rewards of Work

The cornerstone of a total rewards strategy is the Employee Value Exchange, which examines the balance between the rewards that employers offer and the expectations they set in exchange for those rewards. This is done using the Rewards of Work Model, which examines the proposed suite of rewards an employer offers to its employees. We identify five types of rewards:

  • Compensation: The money employees receive for their work and performance
  • Benefits: Indirect compensation including health, retirement and time off
  • Work content: The satisfaction employees receive from their work
  • Career: The long-term opportunities employees have for development and advancement
  • Affiliation: The feeling of belonging employees have to the organization