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What is your total rewards strategy and how can you align it with performance evaluations?

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A total rewards strategy is a holistic approach to designing and delivering a mix of compensation, benefits, recognition, development, and work environment that motivates and retains your employees. It reflects your organizational values, goals, and culture, and aligns with your business strategy. But how can you ensure that your total rewards strategy is effective and fair? One way is to link it with your performance evaluation system, which measures and rewards your employees based on their contributions, achievements, and behaviors. In this article, we will explore some key steps and best practices to align your total rewards strategy with performance evaluations.

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Wisudho Harsanto

Intrapreneur | Growth Enabler | Career Coach & Mentor | #provokata
Mai V?

Founder & CEO of Amaica HR Consultancy. CEO of Agriwork Connect in Canada. Career Coach

1 Define your performance criteria

Before you can reward your employees for their performance, you need to define what performance means in your organization. What are the competencies, skills, and behaviors that you expect from your employees at different levels and roles? What are the goals and objectives that you want them to achieve? How will you measure and assess their performance? You should have clear and consistent performance criteria that are aligned with your organizational strategy, values, and culture, and that are communicated and understood by your employees.

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Wisudho Harsanto

Intrapreneur | Growth Enabler | Career Coach & Mentor | #provokata
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REWARDING PERFORMANCE IS RISKY It's your choice to see reward as hygiene factor or motivational factor, refer to Herzberg theory Be aware that your reward design will definitely drives people behavior, that lately will impact the workplace climate as well culture. Pay for position will be based on job evaluation and analysis to perform agreed deliverables as a base, so called Met Minimum Target. Pay for performance is above and beyond base of deliverable, with a maximum set of amount to compensate Far Exceed Target. Target setting, prioritizing of objectives and key results are critical to ensure the money spent is really rewarding and motivating, and improve engagement. Otherwise, rewarding performance is a waste.

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Julandie Scholtz (Swart)

CEO & HR Business Partner at Labour Dynamix (PTY) Ltd
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To maximize employee engagement, align total rewards with performance evaluations. Design evaluations around measurable goals furthering business objectives. Assess competencies and behaviors as well as results. Reward top performers competitively with pay raises, bonuses or promotions to motivate others. Also recognize demonstrated improvement over time. Use evaluations to identify training needs. Survey goals hindered by skills gaps and cover requested courses. For under-performers, pair evaluations with tailored action plans. Clearly outline remedial steps with dedicated support and set reasonable timelines. Prominently communicate your total rewards philosophy explaining how performance levels tie to compensation, perks and benefits

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2 Design your reward programs

Once you have your performance criteria, you need to design your reward programs that will incentivize and recognize your employees for their performance. Your reward programs should be based on your total rewards strategy, which should include both financial and non-financial rewards, such as base pay, variable pay, benefits, recognition, development, and work environment. You should consider how to differentiate your rewards based on the level and quality of performance, as well as the market value and internal equity of the roles. You should also consider how to balance individual and team rewards, as well as short-term and long-term rewards.

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Mai V?

Founder & CEO of Amaica HR Consultancy. CEO of Agriwork Connect in Canada. Career Coach
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Same practice at companies we consulted on designing reward strategy: 1. Fix income: salary and fix allowances 2. Variable bonus/ commission 3. Benefits 4. Long term incentive 5. Defered payment 6. Perks

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Wisudho Harsanto

Intrapreneur | Growth Enabler | Career Coach & Mentor | #provokata
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REWARD DILEMMA : ATTRACTIVE - AFFORDABLE Reward operationally translated traditionally into compensation, benefit, perks. When we talk about compensation, a certain amount of pay shall be justified to compensate job across the different functions fairly. When we design benefit, both in cash and in kind, shall achieve the objective of attracting great talent also. Talent war is real. Reward design will also contribute significantly as attractiveness, with financial affordability to organization.

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3 Implement your reward programs

After you have designed your reward programs, you need to implement them in a fair and transparent way. You should have a robust and reliable performance evaluation system that collects and analyzes data from multiple sources, such as self-assessment, peer feedback, manager feedback, customer feedback, and objective metrics. You should also have a regular and timely performance review process that involves setting goals, providing feedback, coaching, and rating performance. You should ensure that your reward decisions are based on the performance evaluation results, and that they are communicated and explained to your employees.

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4 Evaluate your reward programs

Finally, you need to evaluate your reward programs to ensure that they are effective and aligned with your performance evaluation system. You should monitor and measure the impact of your reward programs on your employee performance, engagement, retention, and satisfaction. You should also solicit feedback from your employees and managers on how they perceive and experience your reward programs. You should use the data and feedback to identify the strengths and weaknesses of your reward programs, and to make adjustments and improvements as needed.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Wisudho Harsanto

Intrapreneur | Growth Enabler | Career Coach & Mentor | #provokata
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REWARD IS INVESTMENT AND COST IN ONE PACK. Be aware, that reward is expense to the organization. It will be budgeted according to the industry practice in their cost structure. When financial perspective see reward expense as cost of human resources , from HR perspective reward will be seen as investment both to attract, retain, develop and perform human capabilities as assets. Cost saving, cost reduction is a part off efficiency. Strategic, future spending investment in people will be contrary with efficiency. Juggling mindset between cost and investment in one pack is real. The reward strategy should always consider financial impact in the mid and long term. It's hard to take what already given to employee, even to substitute.

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What is your total rewards strategy and how can you align it with performance evaluations?

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1 Define your performance criteria

2 Design your reward programs

3 Implement your reward programs

4 Evaluate your reward programs

5 Here’s what else to consider

HR Consulting

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What is your total rewards strategy and how can you align it with performance evaluations?

1

2

3

4

5

1 Define your performance criteria

2 Design your reward programs

3 Implement your reward programs

4 Evaluate your reward programs

5 Here’s what else to consider

HR Consulting

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