When you hear executive compensation, what do you think about? Millionaires. Stock Options. Private jets. All of those are good possibilities.
But what do you don’t probably think about are things like the 80 hour work weeks, constant business travel, the pressures of being accountable to thousands of employees, and even the press.
Yeah, sure, many executives get paid a lot, but in most cases it’s aligned with the value they bring to the organization. So why should you communicate the value of your total rewards programs to your executives through personalized communication?
Here are a few reasons.
They have the most stuff
Executives typically get special extras like non-qualified plans, performance-based shares and unique perquisites. It’s important to demonstrate their value in a report that’s easy to digest. All other employees will have a subset of the content and data that’s displayed for the executive team. If you choose to broaden your personalized communications to the full employee population at a later date, all of the content and testing is already complete.
They have the most complicated stuff
To go along with the hectic on-the-go work schedules, executives need a practical method to get the details they’re looking for in order to understand their complex programs. By personalizing the message, executives can cut to the chase and see what matters to them. If communicated online, interactive content like video tutorials and financial modeling tools can be incorporated with the message to improve understanding of the programs.
It can create the highest ROI per person
The Willis Towers Watson 2016 Global Talent Management & Rewards and Global Workforce Studies calculates the financial cost of turnover for senior managers and executives at 74% of the executive’s annual compensation. If a well-executed, personalized communication can retain one key executive, the deliverable will have paid for itself.
Every company needs executive leadership to set the path forward for the organization. Communicating the value of your total rewards programs to your executive team will pay dividends. Not only will it raise awareness and appreciation of your total rewards programs with a key demographic, but it will provide a clear line of sight on how their performance directly impacts the bottom line.