Attracting candidates involves more than just offering a competitive salary. This slideshare looks at what should go into the total rewards program.

1. Getting Total Rewards Right
bamboohr.com payscale.com

2. Getting Total Rewards Right
bamboohr.com payscale.com
Mykkah Herner
Modern Comp Evangelist
Payscale
Ryan Sanders
Chief Operating Officer
BambooHR

3. Getting Total Rewards Right
bamboohr.com payscale.com
• Getting pay right matters
• Competitive market

4. Getting Total Rewards Right
bamboohr.com payscale.com
What are Total Rewards?

5. Getting Total Rewards Right
bamboohr.com payscale.com
Building Total Rewards

6. Getting Total Rewards Right
bamboohr.com payscale.com
Culture, Philosophy,
Strategy, Benefits

7. Getting Total Rewards Right
bamboohr.com payscale.com
Meaningful Benefits:
• Financial Peace University
• Paid Paid Vacation
• Fido Friday

8. Getting Total Rewards Right
bamboohr.com payscale.com
Base Pay

9. Getting Total Rewards Right
bamboohr.com payscale.com
Variable Pay

10. Getting Total Rewards Right
bamboohr.com payscale.com
• Incentive
• Project Bonus
• Retention Bonus
• Signing Bonus
• Perks
The variable pay
umbrella.

11. Getting Total Rewards Right
bamboohr.com payscale.com
69.0%
75.2%
69.3%
47.0%
12.6%
Executives Directors and
Managers
Professional,
Technical and
Administrative
Exempt Employees
Non-Exempt
Workers
Other (please
specify)
Who gets bonuses?

12. Getting Total Rewards Right
bamboohr.com payscale.com
What type of bonus?
15.8% 18.1%
61.8%
25.7%
40.0%
14.4%
Retention
bonuses
Hiring
bonuses
Individual
incentive
bonuses
Team
incentive
bonuses
Spot bonuses
or other
discretionary
bonus
programs
Other (please
specify)

13. Getting Total Rewards Right
bamboohr.com payscale.com
How frequently?
4.9%
12.6%
6.4%
66.6%
9.4%
Monthly Quarterly Biannual Annual Ad-hoc

14. Getting Total Rewards Right
bamboohr.com payscale.com
Rewards &
Recognition

15. Getting Total Rewards Right
bamboohr.com payscale.com
Consider
Individual vs. Collaborative
What are you reinforcing?

16. Getting Total Rewards Right
bamboohr.com payscale.com
Consider
Perverse Incentives
Earn recognition...or else.
Everyone (read: no one) is
Special

17. Getting Total Rewards Right
bamboohr.com payscale.com
Consider
Two-way Recognition
Company Life Cycle
Employee Contributions

18. Getting Total Rewards Right
bamboohr.com payscale.com
Get Creative
• Passes to sporting events
• Catered lunches for winning teams
• Days off after big deadlines
• Choice of work assignment
• Development opportunities
• Lunch with the CEO
• Remote work

19. Getting Total Rewards Right
bamboohr.com payscale.com
How can you tailor your
rewards to your culture
and your workforce?

20. Getting Total Rewards Right
bamboohr.com payscale.com
Workforce Characteristics
• Generation
• Life stage or lifestyle
• Income and/or class
• Urban and/or rural
• Size of organization
• Job function
https://www.bamboohr.com/webinars/diverse-workforce/

21. Getting Total Rewards Right
bamboohr.com payscale.com
Baby Boomers · 1946 – 1964 · Size: 74M
Communication About Comp: Private
Average Tenure: 15 Years
Career Mindset: Loyal, Self-driven, High Work Ethic, Retirement
Generation X · 1965 – 1979 · Size: 66M
Communication About Comp: Semi-private
Average Tenure: 5 Years
Career Mindset: Pessimistic, Self-reliant, Work/Life Balance, Management
Millennials · 1980 – 1995 · Size: 74M
Communication About Comp: Public
Average Tenure: 18-24 Months
Career Mindset: Idealistic, Fairness, Flexibility Values, Work/Life Balance, Advancement
Generation Z · 1996 – Present · Size: TBD, 69M+
Communication About Comp: Semi-private
Average Tenure: TBD
Career Mindset: Realistic, Multicultural Fluency, Technology Native, Learning with a Purpose

22. Getting Total Rewards Right
bamboohr.com payscale.com
Low Med High
Med Low High
High High Med
High Med Low

23. Getting Total Rewards Right
bamboohr.com payscale.com
Overall pay structure may
differ based on pay goals.

24. Getting Total Rewards Right
bamboohr.com payscale.com
High Rewards
& Recognition
High Rewards
& Recognition
Moderate
Rewards &
Recognition
Moderate
Rewards &
Recognition
Moderate
Variable
High Variable
Moderate
Variable
Low Variable
Low Base Low Base High Base
Moderate
Base
High Equity
Moderate
Equity
Moderate
Equity
Low Equity
Mix of pay
by life cycle

25. Getting Total Rewards Right
bamboohr.com payscale.com
Tips for remaining
competitive – or – how to
really make it work.

26. Getting Total Rewards Right
bamboohr.com payscale.com
A note on fairness: Fair
doesn’t necessarily
mean equal.
EqualFair
Differentiate Pay By
Generation
Life stage or lifestyle
Income and/or class
Urban and/or rural
Size of organization
Job function

27. Getting Total Rewards Right
bamboohr.com payscale.com
of employees paid above market
believe they’re paid at or below80%
of employees are ok with low
pay if the rationale is explained82%
of companies are confident in
managers’ ability to have tough
pay conversations
17%

28. Getting Total Rewards Right
bamboohr.com payscale.com
The PayScale Pay
Transparency Spectrum

29. Getting Total Rewards Right
bamboohr.com payscale.com
Align to Results

30. Getting Total Rewards Right
bamboohr.com payscale.com
Measure
Outcomes

31. Getting Total Rewards Right
bamboohr.com payscale.com
Follow BambooHR and PayScale on social media:
bamboohr.com/blog | payscale.com
Thank you!

32. Getting Total Rewards Right
bamboohr.com payscale.com
Questions?
BambooHR
Check out on-demand videos for Elevate at
https://www.bamboohr.com/elevate/
Download our free eBook Pay Transparency Spectrum here:
http://resources.payscale.com/hr-ebook-pay-transparency-spectrum.html
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