• Document: Implementing Total Rewards Strategies. SHRM Foundation s Effective Practice Guidelines Series. A guide to successfully. planning and implementing
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A guide to successfully planning and implementing a total rewards system Implementing Total Rewards Strategies SHRM Foundation’s Effective Practice Guidelines Series Implementing Total Rewards Strategies A guide to successfully planning and implementing a total rewards system SHRM Foundation’s Effective Practice Guidelines Series by Robert L. Heneman, Ph.D. with assistance from Erin E. Coyne  This publication is designed to provide accurate and authoritative information regarding the subject matter covered. Neither the publisher nor the author is engaged in rendering legal or other professional service. If legal advice or other expert assistance is required, the services of a competent, licensed professional should be sought. Any federal and state laws discussed in this book are subject to frequent revision and interpretation by amendments or judicial revisions that may significantly affect employer or employee rights and obligations. Readers are encouraged to seek legal counsel regarding specific policies and practices in their organizations. This book is published by the SHRM Foundation, an affiliate of the Society for Human Resource Management (SHRM®). The interpretations, conclusions and recommendations in this book are those of the author and do not necessarily represent those of the SHRM Foundation. ©2007 SHRM Foundation. All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the SHRM Foundation, 1800 Duke Street, Alexandria, VA 22314. The SHRM Foundation is the 501(c)3 nonprofit affiliate of the Society for Human Resource Management (SHRM). The SHRM Foundation maximizes the impact of the HR profession on organizational decision-making and performance by promoting innova- tion, education, research and the use of research-based knowledge. The Foundation is governed by a volunteer board of directors comprised of distinguished HR academic and practice leaders. Contributions to the SHRM Foundation are tax deductible. Visit the Foundation online at www.shrm.org/foundation. For more information, contact the SHRM Foundation at (703) 535-6020 or www.shrm.org/foundation. ii Table of Contents V Foreword VII Acknowledgments IX About the Author 1 Implementing Total Rewards Strategies 2 Challenging Questions 3 Total Rewards: A Closer Look 5 Before You Begin: Assembling the Right Project Team 6 Phase One: Assessment 8 Phase Two: Design 15 Phase Three: Execution 20 Phase Four: Evaluation 22 Conclusion 23 Appendix A: Industry Benchmark Phone Survey 25 Sources and Suggested Readings iii Foreword As a busy HR professional, you probably find it difficult to keep up with the latest academic research in the field. Yet knowing which HR practices have been shown by research to be effective can help you in your role as an HR professional. That’s why the SHRM Foundation created the Effective Practice Guidelines series. These reports distill the latest research findings and expert opinion into specific advice on how to conduct effective HR practice. Written in a concise, easy-to-read style, these publications provide practical information to help you do your job better. The Effective Practice Guidelines were created in 2004. The SHRM Foundation publishes new reports annually on different HR topics. Past reports, available online at www.shrm.org/foundation, include Performance Management, Selection Assessment Methods and Employee Engagement and Commitment. You are now reading the fourth report in the series: Implementing Total Rewards Strategies. For each report, a subject-matter expert with both research and practitioner experience is chosen to be the author. After the initial draft

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