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2003 Midwinter Conference

Developing a Total Rewards Strategy. 2003 Midwinter Conference. Cindy Clegg Dane Adkinson TASB Human Resource Services. Direct Rewards Pay Benefits Tangible rewards. Indirect Rewards Recognition Growth opportunities Work / life balance Working conditions Colleagues.

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2003 Midwinter Conference

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  1. Developing a Total Rewards Strategy 2003 Midwinter Conference Cindy Clegg Dane Adkinson TASB Human Resource Services

  2. Direct Rewards Pay Benefits Tangible rewards Indirect Rewards Recognition Growth opportunities Work / life balance Working conditions Colleagues Types of Rewards

  3. What is a total rewards strategy? • A planned, strategic approach • Provides a total package of rewards • Rewards have value to employees • Target groups are identified • Employee values are understood

  4. Why are Total Rewards So Important? • Cross-generational workforce issues • Aging workforce issues • Labor shortages • Limited revenue capacity • High return value in employee retention

  5. Why Employees Say They Stay • Exciting work and challenge • Career growth, learning, development • Working with great people • Fair pay • Supportive management/ good boss • Being recognized, valued, respected • Benefits • Meaningful work and making a difference • Pride in organization, mission, and product • Great work environment and culture

  6. Other Reasons They Stay 11. Autonomy, creativity, and sense of control 12. Flexibility: work hours, dress, etc. 13. Location 14. Job security and stability 15. Diverse, changing work assignments 16. Fun on the job 17. Being part of a team 18. Responsibility 19. Loyalty and commitment to coworkers 20. Inspiring leadership From Love ‘Em or Lose ‘Em, 2001. Kaye and Jordan-Evans

  7. Components of theTotal Rewards Package

  8. Most Popular Work/Life Benefits • Child care services / assistance • Flextime / time off benefits • Wellness, health screening, vaccinations • Elder care assistance • Counseling / employee assistance • Convenience benefits • Personal development training • Free food / beverages

  9. What to recognize Service Accomplishments Skills Ways to recognize Public ceremonies Media articles Handwritten notes Luncheons/banquets Bonus plans Gifts Awards and stipends Special assignments Recognition

  10. Professional GrowthAcquiring New Skills and Knowledge • In-district training opportunities • ESC training opportunities • Professional conferences • Incentives for advanced education • National board certification • Dual certification specialties

  11. Professional Growth Job Enlargement • Mentoring new teachers • Peer training • Project or team leader role • Curriculum development • Special committee assignments

  12. The Role of Pay and Benefits in Total Rewards • Reasonably fair pay must be maintained • Pay causes dissatisfaction more than satisfaction • Other reward components consistently ranked higher by employees • Across-the-board pay strategies can yield poor returns in recruiting/retention

  13. Develop Pay Schedules Strategically

  14. How Salary Schedules Are Changing(Districts over 5,000 Enrollment)

  15. Use Stipends and Incentives • To attract new hires • To pay more competitively in critical fields • To reward long-service employees • To provide incentives and rewards for advanced degrees/certification • To reward mentors and leaders

  16. Take Stock of Benefits Package • Medical insurance • Dental and vision benefits • Disability income • Child care benefits • Employee assistance • Investment savings contributions • Educational assistance • Leave benefits

  17. How to Develop a Total Rewards Strategy • Know the demographics of your workforce – age, gender, family status • Take stock of your current rewards package • Find out what employees value most by asking them – identify different target groups • Research other reward options • Add high value affordable reward programs • Empower and train your campus principals to recognize and reward

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