Beyond Benefits: Supporting your Total Rewards program
Retaining and motivating your talent demands a robust total rewards strategy
Today's competitive work environment, skilled worker shortages, and diversity in work approach demands a comprehensive and strategic approach to remunerating and rewarding your employees.
Pay and reward practices have become increasingly transparent and technology has increased workers' access to a wider array of employment opportunities.
Employees continuously measure their value...Do you?
A well-defined total rewards framework enables companies to define, communicate, measure, monitor, and implement the essential elements of employee reward including:
Compensation (hourly, bonus, salary)
Benefits (group, retirement, spending accounts)
Recognition and Incentives
Training and Development
More than Benefits Consulting: Aligning your People Programs
Our advisors apply Northern Star's five-point approach to your total rewards program:
Our detailed review starts with an assessment of your current compensation, incentive, bonus and benefits plan design. We analyze and measure the historical trends and projections and measure the data against your internal company goals, performance objectives, job functions, and current policies and practices
Our external benchmarking includes a comparison of your compensation elements data and plan design against your defined peer group, employment standards, best practices, regional distribution, and legislation
Combining our audit findings and analysis with your identified goals, objective and targets, we design a framework of specific quantified compensation milestones and scales aligned to your objectives. Additional total reward strategies (e.g. plan enhancements, work-life incentives, recognition strategies, training programs) are explored and reviewed relative to your company objectives and culture
Communication & Implementation
This is the most important step. We provide and implement a carefully crafted communication strategy and implementation process based on your company's values, philosophy, management style, and employee culture
At predetermined milestones, we measure the effectiveness and efficacy of your total rewards program against internal and external requirements to guide potential adaptions as your organization continues to evolve
Helping you align and mitigate the risks of your people programs
As Health and Benefits Advisors, we provide more than benefits consulting. Our total rewards review and strategy offering can be provided in conjunction with benefits consulting, or independently.
Serving as an extension to our client's HR, Finance, and leadership teams, we help companies mitigate the risks that intersect business and people.