Discover how Mars, ING and Arizona Public Services are optimizing programs with real data aligned to business goals to create a winning total rewards strategy.
You're already making clear that Total Rewards programs generally don't operate with individual envelopes of money. In the past, when companies would go to their employees and ask them about individual rewards programs, do you want a bigger merit increase? Do you want more PTO days? Do you want more flexibility? Well, the answer is almost always going to be yes, yes, yes.
I also think ultimately using a framework, I think it's actually the Willis Towers Watson High Performing Associate Experience framework of there's certain things that we do in Total Rewards that are just essential. They are hygiene factors. It's sort of the cost of doing business. And then everything else that you have above that, they might be things that you emphasize. It might be things that are truly outstanding and excellent within the marketplace, but it's almost not worth it if you're not providing a really healthy and competitive essential package.
When we use so many diverse data inputs, it allowed us to have a really good lens of needs versus wants, competitive advantage versus just being competitive. And really, what makes us a company that truly stands out. Now, this to do this, this took us breaking the gravitational force of the utility mindset. We had to take a deeper and a broader look at companies that have leading Total Reward practices. And we had to look at industries that we frequently source talent from.
I think first and foremost, getting data on this topic is about aligning from a strategy perspective, and that ultimately you're trying to design programs that are going to help with engagement and retention and overall organization performance.
Deeply, deeply understand your Total Rewards financials. Having deep financial acumen is, to me, one of the most important skills, equal to strategy and influence that you can bring to your role.
I think even more helpful was the fact that we were combining a conjoint survey with a deep analysis into the cost of the respective reward elements that we were asking questions about. And I think when you are talking to business leaders and you're bringing cost impact in and investment impact in to do a survey, you can get their attention.
Turning the conversation from what we need to spend to what we need to invest is really important with your C-suite narrative. And it sets the stage for an additional risk conversation of what happens if we don't invest in our workforce, and what kind of competitive disadvantage does that put us in.
