Companies that attract great people and take care of their needs win in the marketplace. Competitive compensation is certainly an important first step. But those companies that really want to differentiate themselves from the competition in today’s tight labor market must deliver a world-class total rewards program that connects with and supports employees throughout their journey.
Ensuring that you have the right philosophy and support for your new team members from the time they come on board and throughout their career with your company will maximize your return on investment. Greater engagement, teamwork, and career development can all be traced back to a thoughtful and holistic rewards and recognition program. Being intentional about your rewards program — from cash and equity compensation to benefits and perks—tells employees what you value as a company and helps them feel like they have a real stake in its success.
That’s why we’re proud to launch Total Rewards Advisory, a dynamic new offering intended to help our clients build world-class total rewards programs that perform for and grow with your business. Combining our strategic guidance expertise with intuitive technology, Total Rewards Advisory helps you evaluate and control the levers of your total rewards program — including salary, bonuses, equity, benefits, wellbeing, and retirement — to execute a strategy for maximum impact with employees and shareholders.
Our team of compensation and benefits experts use predictive modeling, benchmarking insights, and your own company data to build a total rewards program that aligns your people’s needs with your business goals.
Helping employees understand the value of your investment in them
Too often companies assume that because they pay well or provide a bonus, employees must be happy. But the reality is, without a true understanding of what is being delivered and why, employees may not feel valued or that they have a long-term career path with your company.
For example, your equity program may be generous with the number of shares granted, but if you don’t communicate what those shares are worth and how much value those shares hold if the company reaches its potential value, employees don’t value it. It’s the biggest gap I see between value delivered and value understood.
Or you may have a discretionary bonus that employees come to expect even though they aren’t sure what they need to do to earn it. Consequently, as a company, you’re not getting any return from that bonus.
It’s critical to articulate a clearly defined compensation philosophy to foster an environment with shared values and goals. If your employees understand and appreciate the full value they bring to the organization, they will become more personally invested in your shareholder goals and the company’s success.
Real-time access to insights
But what sets our Total Rewards Advisory service apart is that we offer more than just a static report or piece of software. Our team gives you both the guidance and smart technology to support your needs year-round. Employees can see in real-time how they benefit now, and in the future, removing the need for a static annual statement that gets little employee engagement.
Through our existing benefits platform, employees will not only be able to access the current value of their shares, but also model what the potential future value will be when they are promoted or when the value of the company changes. This accessible and interactive feature will increase employee engagement with their equity holdings, allowing them to see what they are working towards and properly valued their compensation package.
Employers can get the advice and support they need to spot challenges and make adjustments as your company grows. Our joint online platform and advisory capabilities combine to deliver a uniquely powerful tool for ensuring employee satisfaction and better outcomes for your business.
You can learn more about Sequoia’s Total Rewards Advisory on Sequoia.com, or connect with your Sequoia advisor in HRX to get started.
