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Total Rewards and Compensation Consulting Practice
Total rewards strategy design process
Understand Asses Strategize Recommend
• Business perspectives including • Survey the market comparing • Strategize with key stakeholders • Present total rewards strategy
culture, strategic goals, and organization to relevant peers • Develop total rewards strategy, and inal recommendations
future planning • Validate employee perceived philosophy, and strategic • Link total rewards strategy to
• Effectiveness of current value (conjoint analysis, focus roadmap business strategy
programs with regards to cost groups, etc.) • Determine potential program • Present inancial impact
and risk • Deine gap analysis and make design changes in relationship • Design plan to effectively
• Workforce perspectives like initial recommendations to inancial implications communicate change
employee expectations, needs,
perceptions
• External perspectives affecting
industry, workforce planning
Lockton process to designing a total rewards strategy.
PYA PC — Lockton Employee Beneits Practice overview 33 Lockton Companies
Total rewards strategy design process
Understand Asses Strategize Recommend
• Business perspectives including • Survey the market comparing • Strategize with key stakeholders • Present total rewards strategy
culture, strategic goals, and organization to relevant peers • Develop total rewards strategy, and inal recommendations
future planning • Validate employee perceived philosophy, and strategic • Link total rewards strategy to
• Effectiveness of current value (conjoint analysis, focus roadmap business strategy
programs with regards to cost groups, etc.) • Determine potential program • Present inancial impact
and risk • Deine gap analysis and make design changes in relationship • Design plan to effectively
• Workforce perspectives like initial recommendations to inancial implications communicate change
employee expectations, needs,
perceptions
• External perspectives affecting
industry, workforce planning
Lockton process to designing a total rewards strategy.
PYA PC — Lockton Employee Beneits Practice overview 33 Lockton Companies
