Measuring the Success of Employee Recognition Programs

How to Measure Key Metrics of Total Rewards

1. Employee Turnover – Percentage of Workers Who Leave a Company.
2. Staffing Level – Ratio of Employees in Staff Plan and Actual Number.
3. Satisfaction Level With Job and Comfort in a Company.
4. Career Growth – Vertical & Horizontal Promotion.

Establishing metrics in Total Rewards can help. Metrics can identify the return on investment (ROI) so you can gain the buy-in from key business leaders. The right metrics will even help you find opportunities for cost-savings which will give HR even more kudos from the c-suite.

What does total rewards compensation mean?

• Base pay (either a salary or hourly wage rate)
• Access to healthcare / health insurance.
• Dental and vision benefits.
• Retirement plans and/or contributions.
• Life insurance.
• Paid time off (PTO)
• Stock options (if applicable)

Total Rewards Metrics Benefits – satisfaction with offered benefits and internal employee programs. Work-life balance – turnover due to stress at work or overtimes. Performance management – achieving KPIs, identifying whether employee’s productivity has changed.

1. Seeking direct feedback from employees. This is perhaps one of the simplest yet most effective ways to measure the performance of employee recognition.
2. Measuring employee satisfaction.
3. Analyzing the changes in retention rates.
4. Assessing behavioral changes.

Total rewards is the combination of benefits, compensation and rewards that employees receive from their organizations. This can include wages and bonuses as well as recognition, workplace flexibility and career opportunities.

A total rewards strategy is a system implemented by a business that provides monetary, beneficial and developmental rewards to employees who achieve specific business goals. The strategy combines compensation and benefits with personal growth opportunities inside a motivated work environment.

Top 5 Measures of Sales Compensation Plan Effectiveness

1. Measure #1: COMPARE PLAN STRUCTURE WITH MARKET PRICES.
2. Measure #2: USE ANALYTICS TO BETTER UNDERSTAND PROGRAM RESULTS.
3. Measure #3: GATHER BOTH FIELD AND MANAGEMENT PERSPECTIVES.
4. Measure #4: AUDIT PROGRAM ADMINISTRATION.

Total rewards refers to the tools and benefits that a company may use or engage to attract, motivate and retain employees. A typical total rewards program includes five components: salary and overall compensation; benefits; training, development and advancement opportunities; work-life balance and flexible schedules; and rewards and recognition.

A total rewards program incorporates all the compensation, benefits and additional items provided by an employer that employees see as valuable. An effective program both leverages the program as a whole to target all employees and leverages individual components as needed to target specific employees.

What is a Total Rewards Package? Compensation. Legally, employees must be paid for the work they perform, which makes compensation a default component of total rewards. Benefits. Employee benefits are indirect, noncash payments that employees receive in addition to their cash compensation. Work-Life Benefits. Recognition. Performance Management. Talent Development.