Innovation Showcase 4: Total Reward Benchmarking

Building a Resilient Workforce

Organisations are increasingly focused on realising the full potential of their people, and recognise the critical role that Total Rewards plays in this endeavour. They seek guidance on the levers to pull to maximise employee potential. However, many cannot view their Total Rewards data holistically, which hinders their ability to gather meaningful insights and make strategic decisions.

In the face of a significant increases in people costs due to general inflation, high medical trend rates, talent shortages and pay demands, it means every decision on Total Rewards needs to show a positive ROI. As a result we are now seeing a trend where tradeoffs are often required and it is vital to get these trade-offs right. This has created a significant client need for a system that gives a holistic view of compensation and benefits in one place, allowing them to proactively identify challenges and opportunities that enable strategic decision making with confidence.

Next Gen Total Rewards

In the development of our integrated benchmarking digital experience we wanted to help organisations understand:

What gaps exist in their Total Rewards programs in attracting, retaining, and motivating top talent
How can they better optimise their TR spend and determine their ROI?
How does their Total Rewards program impact overall business performance and employee experience?
How does their TR package compare to peer groups?
Are their compensation and benefits aligned with employee expectations?

Key Insights

It was invaluable to us to get client feedback and inputs on how this tool can help to equip clients with the knowledge to implement cutting-edge Total Rewards strategies that meet the evolving needs of the workforce and business performance targets, below is a reminder of some of the key insights from the session:

The digital experience can help organisations conduct a total rewards market assessment easily, with quantitative views, different functionalities and level of detail across compensation, benefits and retirement, and overall Total Rewards.
In addition, it allows organisations access to both global as well as local data and insights that can help them make effective decisions, measure ROI on total rewards investments and engage with their employees.
A self-service digital model will provide all information (benefits) on one platform (easy to use, shorter timelines, customised reports, peer group and other functionalities)
Being able to understand the overall Total Rewards value will help organisations effectively communicate TR programs internally as well as externally as part of their employee value proposition.

If you would like to find out more about the tools presented at the open discussion please click the ‘Arrange Meeting’ button provided and we would be happy to discuss.

Stephanie DeLorm
Senior Vice President,
Global Total Rewards Integrated Solutions Leader
Aon
stephanie.delorm@aon.com

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