An integrated total rewards strategy offers advantages for employers and employees. It can:
Sibson Consulting can help your organization adopt a more strategic, comprehensive and integrated approach to total rewards that includes financial and non-financial rewards. Under this approach, we prioritize your rewards investments according to the needs and preferences of key talent segments in your organization.
The cornerstone of Sibson's total rewards strategy is the Employee Value Exchange (EVE), which examines the balance between the rewards that employers offer and the expectations they set in exchange for those rewards. In our Rewards of Work Model, we identify five types of rewards:
Sibson uses research conducted through our Rewards of Work Study to help clients understand how to best craft their own value exchange, the preferences of their staff and the causes of any gaps between employee and/or organization aspirations and the actual exchange presented.
Aspects of employer expectations that usually stir strong reactions include:
Generally, companies are not as explicit as they could be in defining the Employee Value Exchange, and often the Value Exchange is out of balance. Having a balanced Value Exchange is especially important in the current economic environment, where organizations must carefully measure behaviors, productivity and people cost, and ensure that goals are clearly stated and aligned with business objectives. Offering moderate to high rewards with low or unclear expectations leads to a culture of entitlement, which causes low performance and retains the wrong people. Offering low rewards with high expectations repels talent.