2. 5 steps to develop a total reward package
Follow these 5 steps to understand to create a total reward package that can be tailored to different talent segments and understand how well implemented each component currently is in your organisation:
Develop and review your EVP to create the employment offer that will attract, motivate and retain talent.
Define the elements from your EVP, both financial and non-financial, that will make up your total reward package using the Total Reward Package Template (slides 3-4).
Identify whether there is an existing policy or practice in place for each element and assign it a RAG status based on how well-implemented it is.
Record actions that need to be taken to implement the policy or practice, for example, develop, review or refresh policy.
Customise the package for your different talent segments, by changing the emphasis on each element to make it appeal to the different groups.   

3. Total Reward Package Template
The Total Reward Package Template enables you operationalise your EVP by developing reward and recognition policies and practices. Identify the reward elements from your EVP. Consider both tangible and intangible elements, as well as those that are specific to the individually and those that are organisation-wide. Track whether there is a policy in place and whether the practice has been implemented for each. Identify whether the element can and should be tailored for specific talent segments or whether it should be universal across the organisation. Assign a RAG status to each and record any actions that need to be taken. The example below provides, three different reward elements:
Tangible
Individual
PAY
Base pay
Allowances
BENEFITS
Pensions
Holidays
Collective
LEARNING AND
DEVELOPMENT
Performance management
Career development
WORK ENVIRIONMENT
Work/life balance
Non-financial recognition
Intangible
REWARD ELEMENT
POLICY IN PLACE
PRACTICE IMPLEMENTED
TAILOR FOR SEGMENTS
RAG
ACTION REQUIRED
Basic pay package Y
Review against industry benchmarks
Career development opportunities N
Develop policy and align practices
Performance management
None
© PA Knowledge Limited 2017

4. Total Rewards Package Template
REWARD ELEMENT
POLICY IN PLACE
PRACTICE IMPLEMENTED
TAILOR FOR SEGMENTS
RAG
ACTION REQUIRED
© PA Knowledge Limited 2017