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Total Rewards The Professions in Action
Total Rewards Professionals are Key to Ensuring: Organizations are prepared for the future The best and brightest can be attracted, motivated and retained Hard work is recognized and rewarded
Compensation professionals work to reward employees fairly and appropriately. Benefits professionals make sure workers can focus on their jobs by providing programs that protect their families’ health, welfare and finances. Work-life professionals ensure that work and life are balanced.
Economic Impact • For a vast majority of organizations, employee compensation and benefitsare one of the largest expenses andmost difficult to manage.
About 8.5% of the world’s total gross product is spent on health care. That’s about $6 trillion annually.Source: WHO 2011 Report • Benefits professionals must manage significant obligations: as much as 50% or more of payroll costs in some countries.
There are an estimated 2.4 billion workers in the world. That’s about 35% of the worldwide population. • Total rewards professionals manage a vital part of the global economic engine!
At a More Basic Level, Total Rewards Professionals Support Organizational Success
There are 119,000compensation and benefits professionals in the United States, and 128 million people in the U.S. workforce (tracked and coded occupations). Each total rewards professional supports about 1,000 employees. • Source: U.S. Bureau of Labor Statistics (May 2011 estimates)
How Total Rewards Professionals Arrived in Their Current Roles 21% comes from within the organization’s total rewards function 19% comes from elsewhere in the organization’s HR function 6% comes from outside both the HR and total rewards functions When total rewards staffing comes via internal recruitment … 55% of organizations’ total rewards staffing comes from the external labor market Total does not add to 100% due to rounding. Source: The WorldatWork Total Rewards Professionals’ Career Census www.worldatwork.org/TRSuperstar
Total Rewards Certification Designations Awarded* 190 16,742 earned a Work-Life Certified Professional (WLCP) designation (introduced in 2007) earned a Certified Compensation Professional (CCP) designation (introduced in 1977) 112 2,549 professionals earned a Certified Sales Compensation Professional (CSCP) designation (introduced in 2010) earned a Certified Benefits Professional (CBP) designation (introduced in 1993) 99 3,158 professionals earned a Certified Executive Compensation Professional (CECP) designation (introduced in 2010) earned a Global Remuneration Professional (GRP) designation (introduced in 1996) * as of April 2012 Source: WorldatWork Society of Certified Professionalswww.worldatworksociety.org
Education Among Total Rewards Professionals 90% Bachelor’s degree or higher 21% Master’s degree 19% M.B.A 2% Law degree or Ph.D. Source: The WorldatWork Total Rewards Professionals’ Career Census www.worldatwork.org/TRSuperstar