Introducing a Total Rewards Program
One of the goals of the People & Culture function is to contribute in the creation of value and in the organisation’s development by establishing an environment that promotes merit, wellness and people development in line with company values.
Following this vision, at the beginning of 2019 the People Team launched new projects to define structured processes and organisational models to support business & growth – including Performance Management 4.0 and a Job Evaluation framework. At the conclusion of these projects, the People Team worked on a Total Rewards Program, in order to increase performance and identify talent pipeline through a transparent and meritocratic compensation model.
The Total Rewards Program provides one of the most challenging goals of the year, because it is not just an HR project, but a business project. Motivated, engaged people bring better business results: therefore it is essential to work on the first to achieve the second goal.
By creating clear and meritocratic career paths and implementing rewarding systems, MailUp Group aims to create a structure that drives people’s motivation towards the achievement of corporate objectives set on a yearly basis.
What is a Total Rewards Program?
A Total Rewards Program encompasses processes of compensation, recognition, talent development and worklife that, in concert, lead to optimal organisational performance, enhancing also attraction and engagement processes.
When designed strategically and executed in alignment with business goals, Total Rewards Programs fuel motivated and productive workforces that feel appreciated and rewarded for their contributions, driving the organisation to ever greater success.
A Four-Tiered Program
The program created by MailUp Group focuses on four areas, which embrace the main key pillars of human resources:
- Compensation & Benefits, linked to the definition of a remuneration structure
- Recognition, mainly embodies in the performance management process
- Talent Development, which includes all processes related to people’s career development
- Worklife, including wellness and wellbeing activities
Specific processes and initiatives have been defined for each of these areas, and will be enriched and expanded throughout the year.
Goals of the Program
With the Total Rewards Program, the company intends to improve:
- Attraction: a clear and transparent compensation model increases talent attraction and improves the Group’s employer branding. Consequently, hiring times are reduced and selection costs decrease.
- Motivation and involvement: disengagement has been shown to be linked to poor performance. An effective way to motivate and involve people is to increase meritocracy through a structured and fair system for all.
- Retention: people’s turnover has a direct impact on the balance sheet. Its cost is high not only financially but also in terms of skills, knowledge and talents. When actively involved, employees are more likely to stay in the company for a longer time.
As of January 2020, a training and communication plan was launched to involve all employees through a number of methodologies and tools. The plan envisaged a cycle of webinars for the entire corporate population, workshops dedicated to People Managers, and hypercare sessions open to all, in which to discuss and ask for support or more information.
Starting from the second quarter, we started to work on new processes to implement next year. A monitoring and a follow-up phase will be essential to collect employee feedback, improve any area of weakness and define guidelines and policies.