What are key lessons from designing a total rewards strategy and incorporating it into an actionable implementation plan?
McRae: We have learned that there is a need to ensure we have the right offerings and that they can be sustained over time. In gaining executive approval and buy-in, it’s essential to present the strategy in terms of how the business will benefit from employee satisfaction that comes from the total rewards offering. While it’s an obvious approach in the eyes of HR professionals, the business ears are not always as well tuned to the notion of total rewards. Therefore, it is critical to present the rewards offerings in a language that is consistent with the operation of the business as a whole. It must also be consistent with how most employees are thinking about their rewards — as a total package.
