Compensation and Rewards

Compensation and Rewards

In a volatile business environment focused on managing costs and growth, people can be the key success factor for a company. Many experts believe that attracting, motivating, and retaining the best talent is a major challenge that could become a great obstacle to growth over the next years, if not handled properly.

Smart companies are finding ways to get the most from their investment in compensation and rewards without sacrificing the ability to compete for talent. For many, this means creating innovative programs that align employee and shareholders’ interests. Programs that shift compensation to more performance-based strategies and emphasize the combined value of pay and benefits.

Backed by world-class research and data, our consultants help you make the right choices for your organization. We offer a complete range of compensation and rewards services - from global total reward strategies to broad-based plan designs. In addition, we help you tailor communication strategies for specific audiences, ensuring that your workforce truly understands how pay and benefits add up to their total rewards.

For more information on the detailed consulting services we offer, please reference the information available on the links in the "Our Compensation and Rewards Services" section in the right column.

For more information on the detailed consulting services we offer in the areas of Compensation & Rewards, please contact us.

Sourcing and Handling Market Data

All companies need robust market data to understand how they shape-up against the competition. However, sourcing the data is not always a simple task.

Partnering with Aon Hewitt can make this process easy. Aon Hewitt’s Surveys in Greece belong to a global network of reward surveys which serves more than 7,000 companies in over 75 international markets. Our total compensation market data leverages unsurpassed global depth and breadth to help you make quicker, smarter decisions based on facts and our proprietary data analysis.

Total Compensation Measurement™

Our TCM tool uses globally consistent methodologies and delivers a total compensation picture covering Base salary, Bonus, Long-term Incentives, and Benefits through innovative features that enable your organization to drive performance.

Aon Hewitt’s Total Compensation Center is a one-stop resource for instant access to a wealth of information. It allows you to access and retrieve published survey results in an electronic format any time, anywhere, and provides the flexibility to customize reports to your company’s needs.

A unique feature of our online tool is that it enables customized benchmarking of a company’s compensation and benefits data to a peer group of choice. Companies that participate in our surveys can generate individualized reports, tailor-made to their needs, by selecting the parameters they wish to include in the report, as well as the sample of companies with which they wish to compare. Statistical analyses and graphical illustrations present ‘at a glance’ the company’s position against the market. The procedure adheres to specific rules and restrictions so as to protect data confidentiality.

From 2009 onwards, Hewitt adopts an interactive tool for collecting compensation and benefits data, “Aon Hewitt’s Data Collection Tool”. This tool not only simplifies participation in our surveys, but it also serves as a database for handling personnel information. Users will be able to readily match company positions with market equivalent roles, to have access to numerous job descriptions, to generate organizational charts and to handle the company’s compensation and benefits policies in a quick and easy way.

Experienced Hewitt consultants will work with you to understand market data, rationalize the key messages for your company and determine actions going forward.

JobLink™

JobLink™ is Aon Hewitt’s Job Evaluation methodology to measure the size of jobs against appropriate and consistent criteria.

JobLink™ accommodates the global complexity of today’s organizational structures, reflects multi-cultural diversity issues and covers all levels of jobs within an organization. Provides the foundation for building an organization’s compensation, performance, succession and career development programmes.

JobLink™ is used to define the internal relationships of jobs, which are then converted to a grade, level or band structure. It’s easy to use and provides flexibility in that it can be applied objectively by either Hewitt consultants or by clients, with consistency and efficiency.

The factors used in JobLink™ were selected due to their universal application to all jobs. These factors are designed to provide a method for differentiating among jobs. Each factor has been defined and has been assigned an overall target weighting, as follows:

  • Knowledge & Application
  • Problem Solving & Innovation
  • Interaction
  • Impact
  • Accountability

For manual, production/operations, building/maintenance, skilled crafts/trades or similar roles in manufacturing/production, facilities, distribution or similar environments, the Accountability factor is replaced with Working Conditions and Physical Activity factors.

Executive Compensation

With remuneration of top executives under constant scrutiny and the growing importance of high standards of corporate governance, many companies find themselves with more questions than answers.

Hewitt consultants can help by combining unparalleled global expertise with best-in-class data, technical knowledge and experience in advising board and compensation committees across all industries.

We help companies design competitive executive pay packages that align with business strategies while balancing management and shareholder interests. To minimize compliance risks, our Center of Technical Expertise (CTE) serves as a global resource, monitoring the latest technical developments regarding accounting, tax, securities and employment law issues.

The result: executive pay programs that make good sense drive the right behaviors and contribute to business results.

Total Rewards

Motivating, rewarding and keeping your best talent

There are three primary sources of confusion in the market place and in organizations with regards to total rewards:

  • How we define it
  • How we depict it
  • How we communicate it

Most companies have turned to Total Rewards and pay-for-performance programs as a vehicle for maximizing return on investment and employee potential. The design of such tools could be extended to include an integrated Total Reward Strategy framework with focus on short and long-term employee incentives and benefits. Aon Hewitt’s Total Reward approach is a multi-dimensional issue covering tangible and intangible intrinsics that have to do with flexible benefits, leadership, climate, trainings and development.

But the success and value of a new plan hinges on proper design, execution, and communication. To ensure that your plan succeeds, we start by understanding your business objectives and then build a plan tailored to your specific goals. We look at your entire pay structure to help you understand where your program is relative to the competition, where you want to be positioned, and how to get there.

Our worldwide community of reward consultants interacts frequently and shares experience across boundaries and cultures. This brings an unsurpassed global perspective to all of our work with clients.