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Western Colorado
Human Resources Association
TOTAL REWARDS – THE EMPLOYEE EXPERIENCE
July 18, 2018
TODAY’S AGENDA
• TOTAL REWARDS
• WHAT IS IT?
• WHY IS IT IMPORTANT?
• EXAMPLE TOTAL REWARDS MODELS
• GOODWILL OF DENVER MODEL | HOW TO DO IT
• FIRSTBANK CASE STUDY
• SUMMARY
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WHAT IS TOTAL REWARDS?
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WHY IS IT IMPORTANT?
• ATTRACT, ENGAGE, MOTIVATE, RETAIN EMPLOYEES
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WORLD AT WORK MODEL
COMPENSATION
Pay to employee – fixed & variable
BENEFITS
Cash supplement – security
WORK-LIFE EFFECTIVENESS
Work & home success
RECOGNITION
Reinforce desired behaviors
PERFORMANCE MANAGEMENT
Alignment to business
TALENT DEVELOPMENT
Skill enhancement 5
EMPLOYEE VALUE PROPOSITION
• A unique set of offerings an employee receives in return
for the skills, capabilities, behaviors and experience they
offer a company.
• This is about defining the essence of your company -
how it is unique and what it stands for.
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EMPLOYEE EXPERIENCE
“Goodwill of Denver’s Employee Experience are those policies, programs and
practices that provide employees with something of value in return for their
contributions to the mission and goals of the organization. Company uses these
programs to describe the characteristics and appeal of working for our
Company”
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CASE STUDY | HOW TO DO IT
• Allowing for vulnerability (on all sides) makes a difference
• LISTEN – no corrections – no judgement
• Bring decision makers along the journey – it’s hard to hear about things
that aren’t working
• Top Results: Management Training & Better Communication (and
Compensation, of course)
Employee Communication
(from CEO)
Understand Current State
Conduct Focus Groups
Executive Review
(bring along)
Employee Communication(update from CEO)
Conduct all-EE Survey(engage
Champions)
Executive Review
(bring along)
Market ResearchExecutive
Prioritization
Employee Communication(results from CEO)
“Vulnerability is the birthplace of innovation,
creativity and change.”
― Brené Brown8
FirstBank | Case Study
A little history 1963 - FirstBank opens (operated as Westland)
1963 - Saturday morning banking offered (cutting edge)
1965 - The troubled Erie Bank was purchased and became the second extension
1967 - Bank of Vail became the third bank extension.
1967 – Employee Stock Ownership Plan created.
1972 - Move to Lakewood that would become the Holding Company.
1978 - 1stBank name adopted.
1985 - FirstBank opens first location outside of Colorado in Palm Desert, California.
1995 - FirstBank hits the World Wide Web with the domain www.1stbank.com.
1999 - Internet banking is offered to customers.
2007 - FirstBank opens in Arizona with three locations opened in Phoenix.
2013 - FirstBank mobile banking app is introduced
52 Years of a culture of ‘grow and promote from within’
FirstBank is innovative and cutting edge but there was little to no strategic HR structure in place
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HR Evolution 52 years with HR being a service provider and an
enabler - no strong strategic structure
Had to get in front of things vs. letting it happen to them
Examples: it's not allowed in IT, why in HR?
HR had to show up as the 'expert' and set expectations and process for HR, employees and company leaders
HR had to have a mind-shift: move from leading with ‘no'/black & white/risk adverse to asking questions (a place of inquiry), offering ideas and partnering on solutions
Had to move away from defending and fire-fighter mode
HR had to earn and be proud of seat at the table. Act like you deserve to be there, don't expect it
Learning to leverage resources
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Management Evolution Comp, Comp, Comp - easiest band-aid to throw out
there. The truth is; it’s rarely about pay
Total Rewards is also about developing a leaders tool
box so they can better support their employees
Helping leaders to learn how to have a holistic
conversation
Move away from a mentality of entitlement around
Total Rewards
HR had to connect themselves, managers and
employees to the company's mission of "Banking for
Good" and embed that same mind set in all they do
Forging partnerships was critical
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Development of TR Total Rewards – the experience we offer our employees -
had to be brought up to meet the hot market
There had to be a connection to the Company's
strategic plan
Takes vision, drive and fortitude - looking back though, it's
a world of difference and we are in a stronger position to attract, engage and retain our talent
What they’ve accomplished - one step and one project
at a time…
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The Journey (…to date)
Blend of foundation,
maintenance and
evolving our
employee
proposition
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Leadership
Compensation
& Rewards
Learning &
Development
Organization
Structure Culture Other HR Benefits Future
• Report to
CEO
• SLT inclusion
• Coaches
• Specialists &
Generalists
• Board
Review
• Listening
• Philosophy
• Structures
• COLA/COL
• Bonus
• LTI – RSU’s
• Training
• E-learn
• Comm.
• Shift from
training to
L&D
philosophy
• Lean
learning
• eLearnings
• Diversity &
Inclusion
• Structure
• Families
• Functions
• Career
Stage
• Org Design
• New Building
• Office space
• 1stBank
Center
• Grow &
promote
from within
• Community
• Ownership
• Employee
Relations
• Legal Role
• Recruitment
COE
• Handbook
• Exit Surveys
• Dodd-Frank
• EGP
• Volunteer
Time Off
• OHOP
• Tuition
• Wellness
• ESOP/401K
Modernized
• Extended
Time Off
• HRBP role
• The Energy
Project
• Orientation
• Onboarding
• Diversity
• Turnover
• Aligned
Benefits
• Perf Mgmt
People
ProcessSystems
TOTAL REWARDS
• Many companies underestimate and under
communicate their Total Rewards package they offer
employees
• It’s not just Compensation & Benefits!
• The best Total Rewards packages are unique to a
company’s culture and their mission and values
• Attract | Motivate | Retain | Engage – What’s your Total
Rewards model?
• How can your Total Rewards package differentiate you?
“People will forget what you said, people will forget what you did, but people will
never forget how you made them feel.”
-Maya Angelou 15
IT’S AN APPROACH…
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CONTACT INFORMATION
Rebecca Shipley, Principal
Josh Yelenick, Analyst Consultant
• www.innovativeTRsolutions.com
• 720.488.9626
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