Employee Rewards and Career Advisory Services
Total Rewards
Put Your Total Rewards Strategy at the Heart of Your People Strategy
Attracting and retaining talent while meeting growth targets is one of the top challenges for business leaders today. In an uncertain business environment, with new skills gaps emerging and employee preferences shifting, the pressure is on to reimagine total rewards.
A clearly defined Total Rewards strategy can link directly to your business goals, people strategy and align with your Employee Value Proposition (EVP). A compelling talent experience goes beyond monetary compensation and includes the overall culture, work environment, leadership, career opportunities and work-life balance.
Why is a Total Rewards Strategy Important?
The signals are clear: Business needs and employee preferences are changing. Total Rewards strategies need to keep up.
-
#1
Attracting and retaining talent is now the top business priority.
Source: Aon, Total Rewards Strategy Survey, 2021
-
9/10
From 2016 to 2021, nine of the top ten total reward priorities have changed.
Source: Aon, Total Rewards Strategy Survey, 2021
-
50%
Only half of firms have an approach for measuring total reward effectiveness.
Source: Aon, Total Rewards Strategy Survey, 2021
What Does a Total Rewards Program Include?
- Employee rewards programs are the elements of value (e.g. compensation, benefits, training and development) that companies use to incentivize employees and recognize them for their performance. Rewards can include both financial and non-financial incentives, such as bonuses, stock options and paid time off.
- Employee equity is a form of compensation that provides employees with an ownership stake in their company. It can be a form of stock option, restricted stock units or other forms of equity compensation. For maximum impact, equity packages need to be compliant, transparent, motivating and easily communicated.
- Board-level, executive compensation is a key element of corporate governance. It can help to attract and retain leaders, align management with shareholder interests, and improve shareholder value over the long term. It is important to design compensation packages in line with the regulations and which will deliver on your goals.
- Core and ancillary benefit programs include pensions and retirement, healthcare and time off as well as voluntary benefits. These give employees the security and benefits they need and give employers a competitive edge in the talent market. More information about benefits programs.
The Benefits of Total Rewards
To get the most out of your Total Rewards programs, you need to focus on the needs of your people.
- Develop Resilient Employees: Balancing employee needs with bottom-line business results isn’t getting any easier. Employee expectations are evolving, business models are transforming, and investor demands for profitable growth need to be met.
- Implement a Holistic Solution: Aon's total rewards framework takes a holistic approach covering
five areas including physical, social, emotional, career and financial needs.
- Meet Business Goals: Total Rewards help organizations realize productivity, improve workforce agility and resilience, accelerate business performance and allows leaders to make the right decisions to maximize people investments.
We Collaborate with You to Solve Compensation and Benefits Challenges
Our advisory expertise includes benefits, broad-based compensation plan design, communications, equity strategy, executive compensation, health, retirement, Total Rewards optimization and wellbeing across all industry sectors.
-
How can we create an attractive work environment for all
Total Rewards helps you define the value that you offer your employees, thereby creating an attractive work environment for everyone.
Knowing what to pay and what rewards programs will work to attract your workforce is vital. Aon’s rewards benchmarking gives you the data and insights you need to determine whether your organization’s pay and benefits are competitive.
Employees act on their perceptions of their work and their rewards. Aon’s employee insights tools (for example Perception Surveys, Total Reward Optimization studies ) provide the employee insights you need to shape your rewards.
Aon provides valuable insights for designing and delivering Executive Compensation for your Board and Senior Leaders.
-
How can we match employee performance to company performance?
Incentives can be tied to company performance. When the business wins, so do employees. One way to do this is by paying employees with stock in your business. More about our equity services.
-
How can we incentivize sales performance?
Create effective rewards programs designed to motivate your salespeople. See more about sales compensation.
-
How do we create a clear organizational structure for jobs, skills, and careers?
You need robust job architecture and career frameworks, which create a work environment that supports employee development and retention. See more about rewards advisory.
-
How can we close pay gaps and ensure pay is equitable?
Whatever the cause of pay disparity, your organization needs to have a plan in place to ensure employees are paid equally for doing comparable work. Pay equity analysis enables you to manage pay gaps and legal risks. Learn more about pay equity.
-
How do we improve employees’ financial wellbeing?
Give employees access to financial resources and education to create a workplace environment that supports them. More about wellbeing.
Total Rewards Consultancy Driven by Data
Aon’s Total Rewards capabilities are driven by data. Our data is global in scope and spans organizations at every stage of development.
We offer clients robust benchmarks and data-driven insights. This includes the McLagan and Radford compensation survey platforms, and measuring, managing, and predicting healthcare costs. Over 7,500 companies worldwide participate in our benchmarking data.
