Developing an effective total rewards strategy involves far more than simply finding out what the market is paying and shaping compensation and rewards programs accordingly. Rewards strategy must align with organizational strategy and culture to drive results, allocate resources, ensure appropriate pay levels, optimize mix and method of payment, and consider alternate non-financial rewards. Furthermore, employee value propositions may differ from one to next, requiring flexible and varied solutions within one organization or sector. If not handled properly, finding a comprehensive solution that can accomplish all of these goals is time-consuming, inefficient and expensive.
Our experienced consultants work with organizations to design and implement highly effective global employee rewards programs that support business strategy and attract and retain quality professionals. We don’t simply follow market practice – we dig deep to develop a true understanding of an organization’s business culture. We spend time talking to leaders, managers and employees about what is meaningful and engaging, We apply cutting edge solutions to analyze current design, pay equity, total compensation, benchmarking and more. And we leverage total rewards, examining both financial and non-financial levers to engage and motivate. We then synthesize all of these elements to build strategic and tactical implementation plans - plans that fit with corporate strategy and add business value by driving and maximizing the employee value proposition (tailored by region, business segment or role as required).
Why Korn Ferry?
We have depth of experience. Our consultants have worked with hundreds of clients on total rewards strategy and program design projects.
We are data deep and tech savvy. We have comprehensive benchmarking data, and employee preference tools and analytics that optimize program design and maximize ROI.
We created the gold standard. We created the world’s most widely used job evaluation methodology and possess the world’s largest job evaluation database, leading to better informed benchmarking, talent mobility and career development programs.
We deliver comprehensive solutions. We draw on the resources of our industry experts from across the entire talent supply chain – from talent acquisition to talent management to deep rewards.
We continually search and research. We have an ongoing partnership with WorldatWork and Loyola University to research and develop leading edge intellectual capital on reward practices.