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Total Reward Statement Evolution

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  1. Total Reward Statement Evolution Pam Schmidt, Manager Retirement Plans, Target Tom Staroszczyk, Total Rewards Portal Leader, Aon Hewitt

  2. Agenda • Target’s Total Rewards Journey • My Pay and • The Results • The Future

  3. Target's Total Rewards Journey . . . . from Paper to Portal

  4. Overview of Target’s Journey 2001 Outsourced Paper Statements 2010 Transitioned To Pay & Benefits Portal 2011 and Beyond Global Expansion Late 1990’s Internally Developed Paper Statements 2006 Shifted To Online Statement

  5. Target—Annual Paper Statements Began producing statements internally in late 90’s Transitioned to paper statements with Aon in 2001 Annual total rewards statements served as the singular place to provide the holistic snapshot of value Ensured that all employees received the total rewards message once a year Served as a record that could be filed and saved with other important documents

  6. Industry—Annual Paper Statements Late 1990s Strong demand for printed total rewards statements Small few began implementing “Custom” online total rewards solutions Online solutions were very expensive Early 2000s More cost effective online total rewards platform were created - designed for efficiency, yet highly customized for each client. Concept intrigued many clients but access to the internet was an important issue

  7. Target—Shift from paper to online In 2006, began providing paper & online statements through local vendor, Universal Data Corporation (UDC) Available 24/7—current data, seamless action taking, interactive, provides immediate feedback Personalized for each unique audience—execs, salaried, hourly Expansion beyond today’s annual total rewards—Retirement Income, Equity Growth, Wealth Accumulation, Survivor Income Interactive modeling to help employees maximize value Required constant promotion to maintain consistent good site usage

  8. Industry—Shift from paper to online Mid 2000s Online access becoming less of an issue Demand for online total rewards solutions growing Clients needs varied requiring different versions of online solutions: Communicate the value of the hidden paycheck Help employees understand the mechanics of specific rewards programs so they can take full advantage of what is being offered and maximize their opportunities Mid to Late 2000s Clients demanded more flexible solutions - more personalization, targeted messaging, and seamless integration with 3rd parties Communicating the total value of the job offer to candidates also became important. Companies wanted to differentiate their job offers to attract the right talent to meet their business needs.

  9. Target—One Stop Total Rewards Portal In early Jan. 2010, created benefits portal to include transactional and informational data on all pay & benefits Simplify the user experience for team members—one password, one url, SSO to 3rd parties, consistent branding Gain more traction for total rewards Any time they manage their 401(k) or other benefits Every year during Benefits Open Enrollment Driving behavior change through targeted messaging Economies when working with one vendor—administration & portal

  10. Industry—Total Rewards Portal Late 2000s – usage for online total rewards solutions varied – despite heavy promotion, many companies struggled to achieve consistent usage Online access higher than ever, yet employees were easily confused with too many places to find information Generic communications found not as effective as personalized More personalized communications became a critical component to reaching employees Clients wanted a customizable and flexible communication platform, that could simplify the user experience for employees and drive behavior changes through more targeted messaging By including Total Rewards in this One Stop Shop solution, clients found they could gain more traction for total rewards

  11. Integrated Total Rewards Simple and Intuitive Navigation Personalized Announcements Easy Access to Key Data

  12. Personalized Communication Platform Take Charge You Have Options An Ounce of Prevention Right Choices Incentive Plan

  13. Personalized Communication Platform Take Charge You Have Options An Ounce of Prevention Right Choices Incentive Plan

  14. Personalized Communication Platform Take Charge You Have Options An Ounce of Prevention Right Choices Incentive Plan

  15. Personalized Communication Platform Take Charge You Have Options An Ounce of Prevention Right Choices Incentive Plan

  16. Personalized Communication Platform Take Charge You Have Options An Ounce of Prevention Right Choices Incentive Plan

  17. My Pay tab:

  18. My Benefits & Retirement tab:

  19. My Discounts, Perks & Time Off tab:

  20. My Stock Grants tab:

  21. Increased Team Member Engagement • Annual Best Team Survey feedback improved • 2008 favorability • 2009 favorability • 2010 favorability • Significantly increased usage

  22. Comparing Usage • In 2007, 33,000 unique team members visited the old Web site • 109,000 unique IDs visited during 2008 • Over 200,000 visits in first two months after portal rolled out in January, 2010 • Over 2 million hits during all of 2010

  23. Continuous Improvement • Living, breathing real-time portal • Monthly content & data refreshes • Added Quick Links section • Global Expansion

  24. Global Expansion Target - India Strategy About 6 months post-live date, made available for ~1,200 Target India team members Significant customization for different pay, benefits, and currency Kudos for providing what U.S. based employees can access on the site Industry - Global Interest Focus on largest employee concentrations Consider between one or multiple applications

  25. What’s Next?

  26. Total Value Of The Job Offer • As the economy improves, the workforce will be on the move • Differentiating your job offer will be critical to attracting key talent • Candidate solutions must be seamlessly integrated with applicant tracking systems to keep it simple for recruiters

  27. Behavior Change Get employees to increase the value Impact Changes in behavior can maximize value of reward programs for both company and employee Awareness Get employees to see the value Communication Techniques The Personalization Spectrum • Changing employee behaviors requires different techniques • Personalization is playing a large role • The Debate: How Personal Do You Get? • Slow growing trend to get more personal – leveraging key personal health information to drive more targeted messaging

  28. Additional Thoughts Leverage Technology — To eliminate redundancy and improve integration. Consume established modules through portlet technology to eliminate clicks and provide more accurate results More Interactivity—User Defined Regions—Clients and employees can choose, expand, collapse, and move relevant modules Social Media—Helping gain employee interest and participation in key initiatives—ex: wellness programs Secure Family Member Access—To enable better education and decision making Find Information Easier— Through the use of a personalized and searchable knowledgebase. Allowing clients to further simplify the user experience and get employees answers to their questions faster