Management Consulting

We recently worked with a client experiencing high turnover, which prompted them to survey their employees to better understand the elements of total rewards that different segments of the workforce valued most. The survey results revealed that junior and mid-level colleagues, the group with the highest turnover, perceived less value from their incentive pay compared to more senior employees. In response, we recommended customizing the total rewards package for these employees while still aligning with the firm’s employee value proposition (EVP). Key changes included offering additional flexibility in the use and trade of paid time off and adjusting the pay mix to enhance perceived value. These modifications did not lead to increased costs but instead delivered greater value to the employees, reinforcing the client’s commitment to rewards that meet employee needs and promote work/life balance. This approach was guided by the client’s EVP, which emphasizes flexibility and the importance of aligning rewards with employee expectations. The changes were well-received, and the client is now better positioned to address the challenges of high turnover while enhancing employee satisfaction and engagement.