Total Rewards Strategy
Labor costs typically rank as an employer’s primary or secondary expenditure. However, while companies heavily invest in areas like marketing strategy, sales, and product development, they often fail to adequately define and articulate their Total Rewards strategy.
Zviran aids organizations in crafting a comprehensive Total Rewards Strategy, encompassing aspects such as:
- Where do our Total Rewards stand relative to the market? Should we aim to pay above or below market rates? In which areas do we strive to lead the market, and where do we accept lagging behind?
- Which market serves as the most suitable benchmark for us? How should this market be defined? What degree of variance do we permit between different business units, countries, job types, hierarchical levels, etc.?
- To what extent should compensation adjust according to business conditions, such as during periods of prosperity versus downturns (good vs. bad times policy)?
- How can we be attractive to applicants, considering expected business needs (e.g. attractiveness to different generations)?
Services include developing Total Rewards Strategy while presenting various alternatives and associated costs, supporting decision-making process, communication to employees and managers, and practical implementation of the policy for base salary, bonus and incentive plans, equity-based compensation, and more.
Zviran possesses unparalleled experience and capabilities to shepherd companies through this process, commencing from the strategic level down to specific plan designs (including bonuses, equity-based compensation, pension plans, etc.), and extending to operational and administrative implementation. The discussions are grounded in concrete considerations, leveraging unique market data and test cases provided by Zviran. We integrate aspects of cost analysis, labor relations, and internal communication into our strategic approach.
