Total Rewards COVID-19 Recording 6-25-20
In response to the ongoing
coronavirus outbreak and its unprecedented impact to business and employers,
i4cp holds a weekly series of standing calls to help Total Rewards leaders navigate this unpredictable
On today’s Total Rewards Leader COVID-19 Response call, total rewards leaders from Genentech, Kelly Services, KBR Inc. and many more gathered virtually to discuss how their organizations have approached return-to-the-workplace efforts, employee overload and incentive plan relief, as well as responding to recent civil unrest, over the last four months. Some highlights:
- Total rewards leaders are playing a role in organizations’ overall return-to-the-workplace efforts, as evidenced by today’s first instant poll. The real-time poll found 75% of respondents saying they and their total rewards teams are spending at least 25% of their time on tasks with return-to-the-workplace implications, with one participant on today’s call saying their total rewards team is dedicating 100% of its time and focus to return-to-the-workplace efforts.
- Organizations are recognizing the reality of collaboration overload in the midst of the COVID-19 pandemic, and are responding. Some organizations, for example, are implementing “no meetings after noon on Friday” policies, or providing resources to help aid employees’ mental well-being. At KBR Inc., leadership is communicating via videos and emails to connect more frequently with employees and address their concerns related to increased video calls and more frequent meetings, for instance, according to Valerie Hulse, vice president of global total rewards and HRIS at KBR.
- Organizations are taking a number of different actions to adjust key provisions in their incentive pay plans. A second instant poll of today’s group asked this question, with 30% saying their companies have revised their business plan with new targets for incentive-eligible employees. Another 10% indicated their organizations have modified targets to ensure payout and retain talent.
- Companies and their total rewards teams are also committing to address systemic racial and gender inequity in the aftermath of George Floyd’s death and the events that have followed. A third instant poll found 50% of call participants saying their organizations have planned a strategy that includes looking at how compensation systems might be contributing to pay inequities. An equal number indicated that their companies have compiled internal data to help tell the story of how their organization stacks up in the push against inequality. Another 42% said their organizations have facilitated internal discussions for assigning accountability through performance ratings and bonus plans, for example. For example, Microsoft CEO Satya Nadella addressed the issue in an employee town hall meeting and in a companywide email, outlining a series of steps the organization is committed to taking to combat racial injustice.
In addition to this recording, please see these resources:
- The i4cp Coronavirus Employer Resource Center - new research and next practices to help address the COVID-19 pandemic