Simply put, the components of a total rewards program constitute all the things a business uses to attract and retain, employees.
Our tailored approach to your short or long term requirements brings years of HR expertise to your organization. For the growing organization, the management team are experts in their field. The talent and passion brought to a growing organization is responsible for the success of the company. Allow that talent and passion to continue to fuel this growth. The professionals at Harbor Consulting can address the areas of compliance, best practices and policies which will continue to attract the “brightest and best” while keeping the company hitting its growth target.
Many companies develop and grow employees to assume the HR function. Using the professionals at Harbor can help augment this HR staff to ensure that it is on track to support your business objectives. We can provide an HR evaluation of your HR function to ensure that nothing critical is being overlooked. This evaluation is completed in a confidential report which will provide both a pathway for growth for current staff and highlight any areas of potential liability to the company.
Today companies must have a lean staff in order to maximize profits. This means when one time projects come along you need a professional to come in and execute without taking on the long term expense of hiring staff. This is especially true when
These include base compensation, bonuses, incentive pay, benefits and employee growth opportunities such as professional development and additional training. This system provides a number of advantages to companies, particularly small businesses in which business owners and managers must foster positive personal relationships with employees. A total rewards program typically consists of four total parts.
Total rewards systems map out paths for the entire career of an employee based on a basic template created by a business for its specific program. When a business hires an employee on a total rewards program, the business can show that employee the points at which bonuses, pay raises, increased vacation or paid sick time and increased benefits occur during the individual's career trajectory. Such a plan provides immediate incentive for employee retention by giving an employee a series of long-term projections and goals. This type of transparency also helps foster a healthy working relationship in businesses by putting the managers and employees on equal footing when it comes to knowledge regarding career paths.
Total rewards programs provide direct incentive for employee performance. These programs present ostensible career trajectories, though employees understand that certain aspects of these trajectories, including bonuses, only occur if employees meet certain performance standards. These programs also include aspects such as professional development, training and performance management that allow employees to develop new and special skills through education and training, thereby increasing an employee's knowledge of and ability to perform his job. Total reward systems include methods of employee performance monitoring for employers that allow employees input and create dialogue, all of which help foster a relationship of mutual input, which potentially leads to increased levels of professional respect and understanding.
The long-term and complete scope of total rewards programs allows a business to create relatively accurate estimates of how much money it spends on each employee over the course of a number of years. When a business creates a total rewards plan, it possesses the ability to create a matrix of expenditure that fits not only the finances of the program at its outset but also within the parameters of the projected growth of the company as it builds. The cyclical nature of the program, which includes the four steps of design, execution, evaluation, assessment and back to design, allows for adjustments in expenditure in keeping with changes in company budget. As a company earns more money, it can filter more money to employees through raising pay, giving employees the perception of worth and thus encouraging employee longevity and performance.
Total rewards programs provide the advantage of centralized administration in all employee-related concerns, including benefits, pay and training. For business, and particularly small businesses, such a system of administration provides the advantage of a complete system through which to control all of these aspects. In other systems of compensation and rewards, health care administration occurs separately from pay, while pay bonuses and raises happen on a different schedule than training and development. In total rewards, all of these things occur on a single time line and can be overseen simultaneously.
The Harbor Solution
We will assist a company in establishing a total rewards strategy. This is done through close client contact and thorough market research. This can involve the use of published surveys Harbor proprietary custom designed surveys specific for your locale, industry, geographic area, and market conditions. This will enable your company to be viewed as an employer of choice with the ability to attract and retain talent.