Your CEO is intent on changes to reward practices, but you need help understanding the extent of changes needed, articulating the problem, crafting the business case, solution criteria and success factors. In other words you need a roadmap to get to where your CEO is telling you (or you are telling him or her) to go.
You need help with total reward planning, or road mapping.
I will meet with you and your leaders to plan and facilitate a process to establish a specific strategy and objectives, when needed or as part of your annual planning and budgeting cycle. My approach is inclusive, educational and facilitative to build your team’s planning skills and business savvy, because they will have to defend their plans. It is based on years of experience planning rewards initiatives in roles as global and regional head of rewards, and close involvement with many consulting clients over the years in their planning cycles and HR leadership discussions.
Planning approach involves the following steps, which can be tailored to your needs:
Current State Review
- Understand the business model, industry conditions, and business and talent challenges
- Stakeholder interviews, to get an accurate picture and for buy-in
- Understand the people strategy and total rewards strategy
- Review of engagement, turnover or other baseline scores/evidence
- Review of current and future workforce demographics (discussion with HR/recruiting, etc.)
- Review of existing benchmarking or other evidence on compensation and benefits levels/mix, provided by client
- Present summary of above to HRLT or planning team (Finance participation suggested)
- Get feedback from planning team and draft Current State summary and suggested Areas of Focus
- For each Area of Focus, work with assigned lead to plan suggested action plan and related sequencing/phasing
- Regather planning team for sharing of suggested action plans, and identify those with best cost/benefit potential
- Continued development of 3 to 5 selected Key Initiatives for coming year, including purpose, outcomes, measures, steps, stakeholders, resource requirements, risks and proposed core team
- Final meeting of planning team with presentation (by internal lead) on selected Initiatives
- Facilitation of KPI or OKR setting
- Plan next steps for internal approvals and general communication planning
Planning tools/methods used will include:
- Reward strategy planning tool
- Stakeholder mapping, SWOT, fishbone diagram
- Compelling powerpoint presentation, using your PPT template, to help you internally sell ideas
- Written succinct total reward strategy
- Stakeholder input summary
- Current State Summary and Suggested Areas of Focus–Written Report and PowerPoint presentation
- Proposed Action Plan for coming year with 1-2 page summary per Key Initiative, with backup detailing the initiative, purpose, outcomes, measures, steps, stakeholders, resource requirements, risks and proposed core team. This will be a CEO-quality document, designed to be submitted with the coming year’s budget request.
Fees and Timing
Timing will correspond to your company’s annual business/HR planning cycle, but can normally be done in weeks.