Fewer than one in five companies say that its compensation, benefits, and rewards programs are meeting their objectives, according to research conducted by Grahall LLC. The not-surprising result: instead of motivating employees, the majority of rewards plans are ineffective and often counterproductive.
How can you get better results from your firm’s compensation and benefits plan? In an interview, Michael Graham, of Grahall LLC and Bruce Brownell of Fulcrum Partners LLC discussed how a Total Rewards Strategy ties employees’ success to the company’s success, unleashing a CEO’s most powerful tool: compensation and rewards. They suggest instead of thinking in terms of total rewards strategy, organizations need to consider the new concept of total value exchange strategy.