Transcription
July 15, 2021Employee Experience ThroughTotal Rewards1
About Hays CompaniesHays Companies was foundedin 1994. We operate out ofDenver, Colorado. Haysbecame part of the Brown &Brown Team in Nov. 2018.We are a full-service consultingfirm, specializing in TotalRewards, Compensation,Benefits, and RetirementConsulting as well as RiskManagement and Property andCasualty.2
Today’s ObjectiveHays Companies was foundedThere is a real and volatile cost associated with attracting, engaging andin 1994. We operate out ofretaining talent within an organization - we want to highlight some of these risksDenver, Colorado. Haysand discuss how you can shift your strategy to mitigate thembecame part of the Brown &Brown Team in Nov. 2018.Today, we look forward to having a conversation about the importance ofdeveloping, utilizing and communicating a relevant Total Rewards package toWe are a full-service consultingdrive:firm, specializing in Total Enhanced Employee EngagementRewards, Compensation,Benefits, and Retirement Strong Employee ExperienceConsulting as well as Risk Stronger Company PerformanceManagement and Property and Talent RetentionCasualty. Effective Use of Company Funds3
Question 1:Approximately what percentage ofemployees are disengaged at work?A.10%B.40%C. 60%D. 100%4
Employee EngagementActively EngagedEngagedSomewhatDisengagedActively Disengaged10% - 15% A Players25% PositiveWork HardSupporters50% Clock PunchersDistractorsDisruptive 70% Productive10% - 15% Active DoubtersSpeak illToxic 50% Productive½ Trillion Loss *60%?!5Forbesbooks.com *According to Gallup – cost (loss) US businesses Infuse PassionConnectionMotivationPerformanceBackbone Listen: engagement surveys,focus groups Seek to understand Be in action! Invest in hiring the ‘right’ talent Don’t hold back on addressingActively Disengagedemployees If you don’t, you will drive outyour A Players
Question 2:What is the low estimate for the cost ofturnover for a single employee?A.1 month of salaryB.6 months of salaryC. 1 year of salaryD. 5 years of salary6
Turnover 7Cost of HiringCost of On-BoardingLost ProductivityLost Engagement Lost InstitutionalKnowledge Errors Training Cultural Impact Turnover costs range from 6 months to 2 years of salary,depending upon position level 40,000 position in turnover costs (6 months) x 10 employeesin one year 200,000 Not all turnover is bad but, it is expensive Investing in hiring the ‘right’ talent & retaining the ‘right’ talent,can quickly pay for itselfSHRM & PeopleKeep Track, report and monitorturnover – conduct stayinterviews and exit interviews Don’t assume – create aproductive feedbackenvironment – be prepared totake action More times than not, it’s nota problem with Compensationor Benefits; if we get themright
Why Do Employees Leave?Bad Bosses50% leave to “get awayfrom their manager”Too MuchWorkloadNo RecognitionLeading back toReason #1!Compensation and Benefits are critical components, however, they were not in the Top 10 of this study.This underscores the importance of paying attention to other less talked about pieces of the TotalRewards package such as Culture, Management Training, Communication & Recognition s-employees-leave-jobs-infographic/
The Cost of Turnover9
What is Total Rewards?10 To us, Total Rewards encompasses all that you offer your employees inexchange for their skillset and contributions to your organization The Total Rewards you offer employees goes beyond the foundationalpieces of compensation and employee benefits. It includes differentiatorslike culture and your approach to change management. Whether or notyou focus on it, every company offers Total Rewards to their employees
Total Rewards OfferingsCompensationBase pay structures, Positions/Job Architecture, FLSA, MeritCycle, Sales incentives, Equal pay analysisEmployee BenefitsEB Consulting, Time off policies, Retirement, Sabbaticals, Healthand Wellness StrategyProcessesJob descriptions, System integrations, Employee Factors,Performance ManagementCultureEmployee Focus Groups, Surveys,Leadership interviewsChange ManagementCommunication (FAQs Manager talking points, presentationtools), Statements, Speaking/Training11Talent is your biggest expense and,therefore, there is inherent risk in that.In order to mitigate risk, it’s helpfulto look at the whole picture andmake sure your Total Rewardsofferings truly serve you and youremployees to enhance youremployee’s life cycle and limitunhealthy turnover
Approaching Total Rewards1. DIAGNOSTICSUnderstand Vision,Values, Culture,Strategy (Co. & HR) &desired offeringsthrough leadership,management andemployees122. RECOMMENDCombine what youlearn and what youknow to deliver a longterm roadmap ofofferings that helpattract, engage andretain the right talentfor your organization3. EXECUTEExecute your roadmapthrough variousprojects and share theresults in order todetermine a plan ofadoption. Create yourTotal RewardsPhilosophy/Statement4. IMPLEMENTDon’t underestimate thetime and attention ittakes to ensure strongcommunication,implementation,adoption andsustainability of yourofferings
ExperienceThis is your institutionalknowledge & likely, keysupporters13 Use your compensationstructure (or create acompensation structure) totruly know your employees Most companies lose sight ofmarket competitiveness forlong-term employees Ensure performancemanagement is part of thisequation
Employee FactorsUtilize your base pay compensation structure toit’s fullest This doesn’t have to be complicated Officially knowing your Employees is critical Snapshot of current talent Identifies inequitiesA-Players don’t want to be treated like mediocreemployees Encourages productive conversations Acknowledging performance and contributionsraises the bar for everyone Sets the standard for the best engagement 14
Levers15 Base Pay is not your only lever Consider your Total Rewardsofferings before overreacting 401(k) PTO Time Off Sabbaticals Bonuses Freezes Communication!
Hot Topics Work from Home Diversity & Inclusion Purposeful Work Min Wage/Living Wage Connection/Relationships Housing Market Work-Life Integration Rental Market Environmental Consciousness Mental Health Wellness Equal Pay for Equal Work Acts Financial Wellness Covid & the VaccineTraffic/CommutingUse your vendors and partners to tailor offerings to your uniqueness.What do your employees want and need that make them want to stay,and be engaged?16
EvolutionWhat has Covid-19 Taught Us?17How you treat employees during a crisis, is how they’ll treatyou when it’s over Great capacity to give to others I can do without materials things Relationships are key Health is critical Empathy Communication is essential A hug feels akin to magic Urgency strengthens purposeHow do you stay current & Purposeful Life Fulfilling Liferelevant with your employees? Embrace Change vs. Fighting It“When you're finished changing, you're finished.”- Ben Franklin
Question 3:What is not typically considered part of anemployee’s Total Rewards BenefitsExternal Training ClassA Puppy
Contact InformationRebecca ShipleySVP & Total Rewards Practice Leader Hays Companies of DenverRebecca is a leader in the Total Rewards space with experience in the strategy,design and implementation of all Total Rewards .919.296919Prior to joining Hays Companies of Denver, Rebecca owned and operated her ownTotal Rewards Consulting company for nearly six years. Before then, she ran largeTotal Rewards team in-house for Vail Resorts and Sports Authority. She hasdesigned and communicated base pay structures, short-term and long-termincentive plans and sales compensation programs as well as creating innovativeprograms that benefited both companies and employees.
Questions?20
Thank you!21
A. 1 month of salary B. 6 months of salary C. 1 year of salary D. 5 years of salary. Turnover 7 Turnover costs range from 6 months to 2 years of salary, depending upon position level . Hays Companies of Denver Rebecca is a leader in the Total Rewards space with experience in the strategy,
