One of the things I have realized after extensively meeting leaders and HR colleagues in the last 1 year across the region is how little everyone knows about what a Strategic Total Rewards Leader / Rewards “Business Partner” does.
Total Rewards is probably the least understood area in HR. It is also the least developed area in HR if we look at the overall progress made in in the last decade.
It obviously bothers me that we have not been able to elevate total rewards practices in general across the board and the gap continues be it technology, frameworks and best practices.
Let me use this opportunity to share my thoughts on what a “true” Strategic Reward Leaders does. If you want to be one this is what you should be building towards.
- Works directly with the CEO and leadership team to understand business and talent challenges and is very clear on how reward frameworks impact business
- Advice leaders on org design, org structures, critical/niche/anchor jobs and coach them as needed
- Advices on top talent vs critical talent and differentiates roles vs people
- In depth understanding on employment cost, and how its embedded with the cost of operations. Where to make smart changes to help company become more cost efficient
- Fantastic understanding of external market, competition, talent equation in the industry and a good sense of how economic indicators impact them
- Not afraid to challenge leaders and use deep analytics to counter any strong “emotions, opinions and feelings” leaders have on pay, talent, competition, benefits etc.
- Understands and works with legal, compliance, regulatory and finance on new program design, and frameworks
- Directly informs leaders on what can be done to solve talent challenges and also identifies opportunities to enhance engagement, productivity and wellness across the organization
- Designs programs, innovates by creating new frameworks and processes
- Communicates with employees on program design, explaining details and the Why of things
- Understands deeply the impact of reward programs on the entire HR value chain and coaches and advices HR leaders on all matters reward
- Takes the lead on all things comp and benefits in M&A harmonization
The list is not all inclusive as you can see but I hope its gives you a flavor of the impact an effective reward leader has on the company. I have been blessed to have worked with many over the years.
Total Rewards is unique in that it balances a lot of internal with the external market. You cannot design and frame programs/interventions without understanding how and who you compete with externally.
The Strategic Reward Leader’s market has always been small, and we need to find a way to help companies.
Reach out to us if you need help with any of the above or want to design or create a Strategic Reward Framework for your company.
