Compensation Corner: What is a Total Rewards Strategic Assessment (and Why Do You Need One)?
Even as a strategic partner of Total Reward Solutions, you might not know all of the services we offer regarding compensation and benefits; one such service can be vital to operating competitively in your marketplace: the Total Rewards Strategic Assessment, or TRSA. In addition to our other services, including our Outsourced Compensation Provider service and our Implementation, Training and Communications solutions, the TRSA can help reduce the fear and frustration of compensation and benefits management. Let’s take a closer look at what comprises a Total Rewards Strategic Assessment and why your organization could probably benefit from one:
The Objectives of Performing a Total Rewards Strategic Assessment
Before undertaking a Total Rewards Strategic Assessment, it helps to understand the goals and objectives involved. Typically, a TRSA can help your organization:
- Understand the total rewards philosophy and practices currently being used as part of the overall total rewards program; and determine the level of consistency between practices, policies and actions compared to the philosophy and vision necessary to be a high-performing culture.
- Review and assess current methodologies that support the total rewards philosophy, practices, policies, and procedures to determine alignment with those aspects. This might include methodologies such as survey sources, relevant markets, etc.
- Gather information regarding desired future direction for total rewards for the next two to three years. This can help determine gaps between your current philosophy and your desired future philosophy, so recommendations can be made for how to reach that desired state.
- Create a roadmap and recommendations that outline the steps and details necessary to update and revise the total rewards program.
What Does a Total Rewards Strategic Assessment Include?
A TRSA, as performed by us here at Total Reward Solutions, includes key components designed to provide actionable data and insights. We review the following areas as part of a total rewards strategic assessment:
- Comprehensive Organization Assessment, including management interviews
- Compensation, including a review of practices around base pay, variable pay, and reward/recognition programs
- Benefits, including a competitive market assessment
- Performance management and employee development programs
- Communications and training media and methods used to educate staff and stakeholders on all areas included in the TRSA
The Bottom Line
As you know, at Total Rewards Solutions, we offer a full range of compensation and benefit services designed and delivered so your company can effectively navigate the complex waters of employee compensation and benefits design and administration. We’ll spotlight our Outsourced Compensation Provider and Implementation, Training and Communications solutions in future blog posts. But it’s important to note that the Total Rewards Strategic Assessment introduced here is one of our most important and beneficial services for corporate employers. Because the TRSA provides an objective analysis that benchmarks your critical HR functions, you’ll be able to move forward confidently with your compensation and benefit programs as you operate in a challenging marketplace. To learn more about a Total Rewards Strategic Assessment from Total Reward Solutions, contact us today at 317.589.8529.
About Total Reward Solutions:
Have a referral for us? Total Reward Solutions is your trusted partner for compensation and benefit services. As you recall, Total Reward Solutions offers a broad range of compensation, benefits, performance management, and reward/recognition consulting services to help your organization attract top talent, motivate employees and retain top performers. We can partner with you on a project basis, on retainer, or as your total outsourced solutions provider for compensation services.
Call us today at 317.589.8529 to discuss how we can help your organization develop and implement competitive and effective compensation and total reward programs.