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Total Rewards & Compensation

How can I successfully motivate and reward my employees? Am I doing enough to make my employees feel like they are part of the organization? How do I fully engage and reward appropriately?

Brainard Strategy can assist you with employee recognition programs such as: informal rewards, formal rewards, and all aspects of compensation strategies. The key to our practice here has been helping you align desired behaviors with desired outcomes for individuals, teams, and organizations.

Total rewards involves the integration of:

  • Compensation, Benefits
  • Work-life Balance programs
  • Performance Management and Compensation
  • Career development and opportunities for advancement

Compensation Practices must consider:

  • Fixed pay
  • variable pay
  • short term incentives
  • long term incentives

Work-Life Programs must consider:

  • Workplace flexibility
  • Paid and unpaid time off
  • Health and well-being
  • Caring for dependents
  • Financial support
  • Community involvement

Benefits programs must consider:

  • Insurance, retirement, disability and community involvement types of practices

Performance Management as it relates to Total Rewards:
A key component of organizational success, alignment of organizational, team and individual performance is assessed in order to understand what was accomplished, and how it was accomplished.

Performance planning – is a process whereby expectations are established linking individual with team and organizational goals. Care is taken to ensure goals at all levels are aligned and there is clear line of sight from performance expectations of individual employees all the way up to organizational objectives and strategies set at the highest levels of the organization.

Performance – is the manner of demonstrating a skill or capacity.

Performance feedback – communicates how well people do a job or task compared to expectations, performance standards and goals. Performance feedback can motivate employees to improve performance.

Performance Rewards – Link fixed and variable incentives to improve both performance and productivity.

Total Rewards and Compensation, like culture, leadership, and market position work to drive:

Attraction
The ability an organization has to draw the right kind of talent necessary to achieve organizational success. Attraction of an adequate (and perpetual) supply of qualified talent is essential for the organization’s survival, and it is one of the key planks of business strategy. One way an organization can address this issue is to determine which “attractors” within the total rewards programs brings the kind of talent that will drive organizational success. A deliberate strategy to attract the quantity and quality of employees needed to drive organizational success is one of the key planks of business strategy.

Retention
An organization’s ability to keep employees who are valued contributors to organizational success for as long as is mutually beneficial. Desired talent can be kept on-staff by using a dynamic blend of elements from the total rewards package as employees move through their career lifecycles. However, not all retention is desirable, which is why a formal retention strategy with appropriate steps is essential.

Motivation
The ability to cause employees to behave in a way that achieves the highest performance levels. Motivation is comprised of two types:

  • Intrinsic Motivation — Linked to factors that include an employee’s sense of achievement, respect for the whole person, trust, appropriate advancement opportunities and others, intrinsic motivation consistently results in higher performance levels.
  • Extrinsic Motivation — Extrinsic motivation is most frequently associated with rewards that are tangible such as pay.

There also are defined levels of intensity with regard to motivation:

  • Satisfaction — how much I like things here
  • Commitment — how much I want to be here
  • Engagement — how much I will actually do to improve business results