A total rewards philosophy is a system that translates an organization’s mission, vision, goals and strategy into a usable framework. This framework guides the design and decision making around how a company can attract, retain and reward its employees.
The concept of total rewards goes beyond the notion of just compensation and includes all the perceived value which results from the employment relationship. The Wastebuilt Total Rewards Philosophy includes five key beliefs:
External Competitiveness – Wastebuilt believes that what we pay our employees should be comparable to jobs within the relevant labor market.
Internal Comparability – Wastebuilt believes that similar jobs in similar labor markets within Wastebuilt should be paid equitably.
Market Flexibility – Wastebuilt believes that changes in job requirements, job markets and the overall economy will require changes in Total Rewards.
Performance Recognition – Wastebuilt believes that job performance matters, and extraordinary performance and contributions are rewarded at a level that signifies the value of the employee to the organization.
Reward Transparency – Wastebuilt believes that managers and employees should have access to job-related content, pay guidelines, current salary ranges and performance expectations.
The Wastebuilt Total Rewards Program
At Wastebuilt, our Total Rewards Program is comprised of five components. These five components are first and foremost designed to be consistent with the Wastebuilt Total Rewards Philosophy. These five components are also designed to attract, retain and reward high-performing employees at all levels of our company.
Base Compensation – Salary, hourly wages, overtime, commissions and expense allowances are the primary elements of the Wastebuilt Base Compensation program. These elements are offered consistently within a specific job classification and vary depending upon the nature of the job.
Benefits – The Benefits program is designed to help Wastebuilt employees maintain health and wellness for themselves and their families, meet their financial commitments and prepare for retirement. The Wastebuilt benefits package provides flexibility and choices to Wastebuilt employees while meeting the needs of a diverse workforce while reflecting the various life stages of our employees.
Performance Management – Performance Management is an ongoing process of communication between a supervisor and an employee that occurs throughout the year, in support of accomplishing Wastebuilt goals and objectives. The communication process includes clarifying expectations, setting objectives, identifying goals, providing feedback, and reviewing results.
A Performance Management system promotes a work culture that rewards positive performance and acknowledges compliance with our core beliefs. Wastebuilt believes strongly that the Performance Management program is a critical component of our Total Rewards Program.
Talent Development – Talent Development is a set of integrated organizational HR processes designed to attract, develop, motivate, and retain productive, engaged employees. The goal of the Wastebuilt talent development system is to create a high-performance, sustainable organization that meets its strategic and operational goals and objectives.
Work-life Effectiveness – Work-life Effectiveness is a Total Rewards component that fosters strong performance for both individuals and organizations. Work-life Effectiveness promotes work environments that can respond to changes in business needs quickly, creatively, and efficiently while providing Wastebuilt employees the control they need to address their non-work priorities in an effective manner.