| |
INSTITUTE OF TOTAL REWARDS
- Suomen Palkitsemiskeskus Oy
Strategy into action!
Our mission is to help organisations successfully implement their business strategy. We utilise Total Rewards Portfolio in our work and we focus mainly on the:
1. Development of Total Rewards Portfolio and its components
2. Implementation of the components and implementation support
3. Analysing the effectiveness of the Total Rewards Portfolio.
Our company was established in 1997 to bring into market practical solutions based on the research done in the academic world. From the very beginning our emphasis has been on relevant effective methods that are tested in the academic world or proven effective in practice. We have a Scientific Board that consists of leading professors and labour market experts on our field.
Total Rewards Portfolio
Our concept of Total Rewards Portfolio helps to communicate company strategy and drive performance to support the strategy. There are four categories that can be effectively used: Dynamics in work, Growth and development, Employee benefits, Monetary rewards. If the portfolio is carefully chosen, balanced and maintained, it helps to attract and retain key personnel. We help organisations to create effective Total Reward Portfolios. Some examples of different elements are presented in the list below.
Dynamics in work
Leadership and management
Clear job descriptions
Challenging assignments
Effective meeting practices
Smooth business processes
Communication systems
Feedback
Possibility to influence decision making
Values and ethics
Growth and development
Performance and career development discussion
Competence management processes
Personal growth opportunities
Job rotation
Training
Growth paths
Monetary rewards
Base salary systems
Bonus plans
Project bonuses
Partnership programs
Stock options
Retirement pension insurance
Ad hoc rewards
Employee benefits
Phone
Car
Luncheon voucher
Company happenings
Sport support
Healthy working environment
Home broadband connection
Support for child care
Flexible working hours
Employment continuity
ANALYSING SERVICES
Once created the portfolio needs maintaining. We have developed state of the art methods to analyse the Total Rewards Portfolio. The analysis is needed to enable good decision making when updating the portfolio.
COMOlysis (Analysis for Commitment and Motivation) brings crucial information for the management, for example:
• How committed personnel the company has in different parts of the organization?
• What explains the differences in commitment?
• How attractive are the components of the Total Rewards Portfolio?
• How effectively the company uses the monetary rewards?
• How do the components of the Total Rewards Portfolio drive performance and support business strategy?
The reports always include recommendations and we can guarantee that at least one of them will be implemented.
To create effective compensation and reward systems we use our special process that involve different experts in the organisation. Through our process our clients get:
• Best possible input from the management and personnel
• Improved awareness of the business strategy among the employees
• Best possible outcome as a system for that strategy situation
• Involvement of the personnel to the system created and thus to the strategy implementation
REFERENCES
Our customers operate on different branches and business sectors both in Finland and abroad; family owned companies, state owned companies, listed companies and state authorities. Most of our customers are middle size and large companies.
We have implemented both local and global compensation and reward systems within our customers. Our reference list includes companies from all sectors, also international service sector companies such as PricewaterhouseCoopers, Deloitte and Mercuri Urval. Our client portfolio tells us that we are the benchmark on our field.
IMPROVEMENT FOR YOUR COMPANY
Is your Total Rewards Portfolio supporting the strategy of your company?
Is your Total Rewards Portfolio cost effective?
Does it help your top and middle management in managing people?
How does it create commitment in your talents?
To see how we can help you to improve your business, please do not hesitate to contact us.
|
|