Attrition & Retention
Key questions to ask a total rewards solution provider
Discover the important questions to ask when evaluating a total rewards solution provider.
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Key Questions to Ask a Total Rewards Solution Provider
It’s almost time to make a decision about a total rewards solution provider. After an exhaustive supplier discovery and shortlisting process, you are sitting across the table from a leading vendor who is eager to sign a contract.
What sort of questions should you ask to ensure you select the right total rewards consulting firm?
1. Establish whether the employee rewards solution provider takes a “total” approach to employee benefits
This means looking beyond financial compensation to include non-financial rewards that create value for the employee, along with services provided to support employee wellbeing.
2. Talk about connections to the business as a whole for your total reward solutions
Does the vendor appear to be primarily focused on HR outcomes such as talent attraction, retention and engagement, or are they able to connect the dots between total rewards and strategic objectives such as business growth, risk reduction, cost optimization and diversity?
3. Ask if the solution covers every level of employee in the organization
You need a total rewards solution that covers everyone from new starters to executive compensation. Find out how the total rewards strategy can help you attract leaders and keep them focused on business strategy. And don’t forget to ask how the solution supports succession planning.
4. Describe your people strategy and ask the vendor how their Total Rewards solution will support it
Again, look for answers that move beyond the basics of talent attraction and retention to encompass key outcomes such as employee motivation, productivity, wellbeing, diversity and (importantly) addressing pay inequality.
5. Ask the vendor how their total rewards solution will improve sales and drive growth
Beware of vague answers here. Find out whether the solution can be scaled up or down to support changing business needs in a volatile economy. At the fundamental level, ask how the solution will ensure the right jobs are tied to the right rewards throughout your organization. Look for vendors with a proven methodology for creating the right rewards program.
6.Try to determine if the solution provider uses a data-driven approach to total rewards
Ask about the compensation data they draw upon to ensure their customers are not paying too much or too little.
To help get you started and shape your thinking around the right questions to ask, we have compiled a list of key questions for total rewards solution providers, along with a brief explanation of how our team at Korn Ferry would answer each one. Download the guide today.