eb-live-2013robert-hicks-slides - employee benefits
TRANSCRIPT
The role ofbenefits inHR Strategy
Name: Robert HicksJob Title: HR Director @ Exponen3al‐eDate: 26 September 2013
What is a Reward Strategy?
Effective reward is not just about raising salaries, but aboutfinding the right reward programmes for the strategic
direction of your business and your unique work culture…
Ownership EmpowermentInvolvement
Why is it important?
The Psychological Contract– the contract between an employee and employer outsideof the wriJen contract
Represents mutual:
•Beliefs•Percep3on•Informal objec3ves
It is a two way contract
It is especially important around non‐cash benefits
(Denise Rousseau 1995)
The tradi3onal view
Increasingly not aboutcash
Dental
Private Medical
Cri3cal Illness
Pension
Annual leaveDeath in service(Life cover)
Sick pay
Car allowance /company car
Childcarevouchers
Share scheme
Crea3ng a modern reward strategy
The First Steps
Look at business goal and targets – what are they trying to achieve
Talk to senior colleagues – get their input
Anything you do must :
Be in line with Core values
Match the Mission Statement
Crea3ng a modern reward strategy
The How
1)Find out what staff want ‐ adapt, an3cipate, understand
2)Get involved – don’t be an HR/Reward silo
3)Individual strategies (HR, recruitment etc.) must all link up, must also
4)Work together as HR professionals
5)Work out how it creates values & adds to the employee proposi3on
Things to remember…
• Always keep reviewing– Use a model
– Plan / Do / Check / Act
• Make sure you measure it– KPIs
– Balanced Scorecard
• Don’t be afraid to test things before a full roll‐out– Pilots
– Focus groups
• Remember to test once rolled out at both points of the employment life– Entry interviews
– Exit interviews
Things to remember con3nued…
• Remember to ask:– Are they valuing what you are offering?
– Are you compe33ve?
– What are the trends?
• Make sure you con3nue to benchmark:– General market tes3ng
– Compe3tors – where are you losing your “talent” too?
– New entrants
Things to remember con3nued…
• Remember to ask:– Are they valuing what you are offering?
– Are you compe33ve?
– What are the trends?
• Make sure you con3nue to benchmark:– General market tes3ng
– Compe3tors – where are you losing your “talent” too?
– New entrants
What can you do that is thedifference that makes the
difference?