Steve Brink - Custom Compensation Packages: How Employees Want to be Paid

Send us a text Summary: Steve Brink has always had a passion for HR technology and data analytics. Early in his career, he was involved in creating a job evaluation software tool and the first PC-based compensation planning tool, called Compensation Workbench, released in 1987. He then went on to work at Towers Perrin and Mercer where he continue to develop and improve software tools. Most recently, he’s left his role as CEO of AIRINC to become President of uFlexReward. In this episode, Steve talks about why people want more choice on how they are rewarded and paid. Chapters: [0:00 - 7:05] Introduction Welcome, Steve! Today’s Topic: Personalization of Rewards [7:06 - 15:12] Why is personalization of reward important? People perceive value in having different ways of receiving reward Understanding the difference between guaranteed comp and variable comp [15:13 - 21:46] How can you personalize rewards? Could benefits enrollment shift toward total reward enrollment? Employees react very positively to the power of choice How can gig workers benefit for personalized rewards? [21:47 - 31:56] What are some practical steps for moving toward personalized rewards? Leveraging software to facilitate the shift Moving toward a more transparent method of communicating with employees [31:57 - 34:39] Final Thoughts & Closing How can we continue to enhance what we deliver to our employees? Thanks for listening! Contact:LinkedIn Quotes: “When you look at future of work . . . it's how you're doing the work, but it's also when and where you're going to be doing the work. People spend a lot of time talking about future of work, but they don't talk about the implication of what that means for the potential of pay.” “If you're allowed to provide even more in terms of choice, you start gathering more information. It's actually [your employees] selecting what's important to them. And with that feedback loop, can we actually start making changes to our reward system that are going to better align with the people in the organization? My goodness—isn't that what we all want?”Production by Affogato Media To schedule a meeting with us: https://salary.com/hrdlconsulting For more HR Data Labs®, enjoy the HR Data Labs Brown Bag Lunch Hours every Friday at 2:00PM-2:30PM EST. Check it out here: https://hrdatalabs.com/brown-bag-lunch/ Produced by Affogato Media