Total Rewards 2.0: At the Convergence of Rewards, Recognition, and Benefits

Organizations can maximize the impact of their rewards, recognition, and benefits programs if they align these efforts under a holistic approach known as Total Rewards 2.0. That’s one of the key findings of this Enterprise Engagement Alliance YouTube show designed to help management at all levels optimize the results of their engagement efforts. 

 

Companies can optimize employee engagement by better aligning their rewards and recognition and benefits strategies towards a clearly defined organization purpose and goals, report panelists Missy Dunn, Vice President, Client Sales, Abenity Inc.; Maggie Drucker, Chief Relationship Manager, ProsperBridge;  Darwin Hanson, CEO, TMEvolution; Matt Gregory, Assistant Vice President, Lockton Companies, and Bob Randall, CEO, Transcend Engagement, in this Enterprise Engagement Alliance YouTube knowledge management show.  

 

Key findings: 

• Most companies do not currently align their benefits and rewards and recognition programs as part of an overall employee engagement strategy, but that began to change even before the pandemic and has accelerated since then.

 

• Most companies have low levels of engagement in benefits programs, because even senior management are not aware of all the options. These programs and employee engagement can be greatly enhanced through a one-to-one conversation between an employee and a regular person representing human resources each month. 

 

• Very few companies have any awareness of upcoming Securities & Exchange Commission human capital disclosure requirements that likely will include metrics on worker engagement and turnover; pay and benefits; turnover; health and safety, and diversity, including that of the board. These disclosure rules will also affect large private companies in their supply chains as well as private-equity financed companies. 

 

• Companies that wait to address the workforce disclosure requirements risk significant embarrassment if they are not even yet aware of their current metrics and a plan to enhance them. Human resources management may be called in quite suddenly to address return-on-investment metrics of their various activities with little time for preparation or optimization of results.

 

• There are now a wide variety of benefits programs offering clear discounts on entertainment, amusement parks, restaurants, local businesses, travel, cars, health and wellness services, and much more that can provide more value than the typical raise in pay. 

 

• Traditional recognition and incentive companies have not become involved with benefits because it’s not in their background but represents a significant and natural growth extension with clear ways to benefit their clients and their own companies.  

Panelists are: 

 

Maggie Drucker, Co-Founder, Chief Relationship Officer, Prosperbridge, a financial benefits company that offers Personal Prosperity Assistant for a scheduled check up with employees each month.

Email: Mdrucker@Prosperbridge.com

 

Missy Dunn, Vice President, Client Salesof Abenity Inc., a provider of employee benefits services for companies throughout the US.

Email: missy@abenity.com

 

Matt Gregory, Assistant Vice President of Lockton Companies, a leading business insurance and human resources and benefits company.

Email: MGregory@lockton.com

 

Darwin Hanson, CEO, TMevolution.com, an HR technology, compensation, and benefits advisory company.

Email: Darwin@tmevolution.com

 

Bob Randall, CEO, Transcend Engagement, an engagement advisory company that offers a full suite of technologies and professional development services.

Email: Bob@transcendengagement.com

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• Founded in 2008, the Enterprise Engagement Alliance provides outreach, learning and certification in Enterprise Engagement, an implementation process for the “S” or Social of Stakeholder Capitalism and Human Capital Management and measurement of engagement across the organization.
• The Enterprise Engagement Alliance provides a training and certification program for business leaders, practitioners, and solution providers, as well as executive briefings and human capital gap analyses for senior leaders.
• The EEA produces an education program for CFOs for the CFO.University training program on Human Capital Management.
• Join the EEA to become a leader in the implementation of the “S” of ESG and Stakeholder Capitalism. 

• The ESM information portal and The Enterprise Engagement Advisors Network solution provider marketplace cover all aspects of stakeholder engagement, and the EEA information library lists dozens of resources.
• The RRN information portal and Brand Media Coalition marketplace address the use of brands for gifting, incentives, recognition, and promotions. The BMC information library provides information and research resources.

• Enterprise Engagement for CEOs: The Little Blue Book for People-Centric Capitalists. A quick guide for CEOs.
• Enterprise Engagement: The Roadmap 5th Edition implementation guide. A comprehensive textbook for practitioners, academics, and students.

• Organizations of all types develop strategic Stakeholder Capitalism and Enterprise Engagement processes and human capital management and reporting strategies; conduct human capital gap analyses; design and implement strategic human capital management and reporting plans that address DEI (Diversity, Equity, and Inclusion), and assist with managed outsourcing of engagement products and services.
• Human resources, sales and marketing solution providers profit from the emerging discipline of human capital management and ROI of engagement through training and marketing services.
• Investors make sense of human capital reporting by public companies.
• Buyers and sellers of companies in the engagement space or business owners or buyers who seek to account for human capital in their mergers and acquistions.