Inte grate d talent and reward te chnology World-class technology powered by global human capital experts
Towers Watson Talent REWARD Talent REWARD is Towers Watson s world-class talent and reward software solution. It supports clients looking to integrate and automate their talent and reward programmes, and enables them to administer their programmes as part of a fully integrated talent management strategy. Talent REWARD comprises nine integrated modules: 1. Job levelling 2. Job architecture 3. Market analysis 4. Compensation design 5. Compensation planning 6. Performance management 7. Career management 8. Succession planning 9. Learning management Our comprehensive approach Our reward and talent management consultants have the experience to create signifi cant business value. With deep insight into complex issues, we design and implement programmes tailored to meet your global and local needs. Our consulting solutions range from strategy development to highly advanced workforce planning and optimisation. They are delivered by consultants around the globe with a keen vision for solving business problems and a history of innovative solutions. We start with your business objectives and then develop a tailored solution to meet your specifi c needs. Towers Watson is the only provider in the market to offer a full comprehensive solution: 1. Process design and consulting 2. Integrated technology 3. Data 4. Change management Our comprehensive approach Process design and consulting Integrated technology Global network of reward and talent management consultants Best practices, local trends, global experience HR process review and design Process design Technology Intuitive user interface Designed by HR professionals for HR professionals and employees Leading-edge SaaS technology Global support model Change and communications Global network of change management consultants Communication strategy Stakeholder and end-user engagement Change management Data Data Global compensation salary surveys Employee engagement surveys HR service delivery surveys Human capital metrics 2 towerswatson.com
Advantages of Talent REWARD Built and delivered by HR experts Talent REWARD is designed, developed and delivered by Towers Watson. We do not partner or outsource to third-parties in the building of our technology. Our technology is backed by our global network of talent, compensation and technology consultants. System scalability and integration Our Talent REWARD suite is composed of individual modules, providing the features you need now while remaining fl exible in the ability to add capabilities in the future. We are able to link to any HRIS system and access data, ensuring a streamlined and seamless integration process. Solid reputation and integrity built on successful implementations We have successfully implemented the Talent REWARD solution for hundreds of leading organisations around the world. Highly configurable Our Talent REWARD suite is built on a cutting-edge and consistent technology platform. Powerful confi guration tools are provided for client administrators to manage confi guration. Why Towers Watson We deliver a truly comprehensive and integrated approach: best-in-class technology, proven reward and talent management strategy, and programme design. We have provided leading-edge HR technology consulting and systems to hundreds of clients worldwide, including many of the world s leading global companies. We bring exceptional, confi gurable solutions and unsurpassed client service, delivered by domain experts who partner with you to drive results. Many of our clients describe our solutions as not just the best HR systems they have implemented, but the best system implementations, period. We offer a broad set of services and products to help you define and deliver on your human capital strategy. As well as the Talent REWARD suite we also offer technology solutions for Workforce Analytics, HR Portals, Online Total Rewards Statements, Human Capital Metrics and online compensation and benefi ts market data through CompSource. For further information on Towers Watson s talent management software solutions, visit www.talentreward.com Positive user experience Talent REWARD is intuitive and easy to navigate. It is designed to enable employees and managers to perform their tasks quickly and effectively with minimal need for documentation and guidance. Integrated talent and reward technology 3
Job levelling and job architecture Globally relevant, culturally neutral levelling system with tested links to market data Module overview We offer a range of job levelling approaches, from established methodologies to custom implementations. Our Global Grading System (GGS) and Career Map job levelling tools are not only more flexible than traditional methods, but also easy to implement, understand and manage. Global Grading System GGS is a job levelling tool for determining internal job levels based on an analysis of universally applicable factors proven to recognise differences in job size. GGS accommodates organisations of all sizes, and uses an organisation s size, complexity and geographic breadth to assess the number of levels in its grading framework. It then evaluates jobs as part of a two-step process of banding and grading: banding places jobs in the framework based on how they contribute to the organisation, reflecting a dual career path; the grading step assesses jobs against standard factors. Career Map Career Map is a predefined framework with a series of career bands and levels that increase in complexity and responsibility, representing career progression opportunities. The Career Map framework clarifies the growth in jobs from one level to another based on responsibilities, scope, impact, required skills and knowledge. The criteria, levels and language contained in the baseline framework can be customised to accommodate specific organisational requirements, including the development of job functions and families. Each job is mapped to a career band and level. Career bands represent different roles and how those roles contribute to the organisation. 4 towerswatson.com
Key features Talent REWARD Global Grading System and Career Map job levelling solutions support: Job levelling and job architecture Global Grading is our proprietary, globally consistent job evaluation approach. Career Map is our flexible approach to job architecture and job mapping. Together they represent a market-leading approach to creating a robust and defensible job levelling and job architecture structure, which can also be communicated effectively with managers and employees. Global alignment to our market data surveys. A reliable platform for career management, and a wide variety of other talent and reward processes. Job description functionality. Enhanced consistency and efficiency Driving consistency, competitiveness and efficiency among HR policies and practices. Flexible frameworks Creating a framework that integrates employees after a structure change or M&A. Career development support Clarifying distinctions among levels to support career development. An underpin to career paths. Associated services Beyond the Talent REWARD technology that facilitates job levelling, Towers Watson consultants have helped more than 1,000 organisations develop best-in-class job levelling programmes and career frameworks. Our consultants also provide guidance on process improvements, change management, and training for managers to ensure that your programmes are effectively deployed, and that they achieve your talent management and rewards philosophy goals. Towers Watson Data Services publishes an extensive library of annual compensation reports on virtually every industry sector, covering over 100 countries and linking to both GGS and Career Map. Integrated talent and reward technology 5
Market analysis and compensation design Align internal, external, local and global markets with best-in-class analytics Module overview Maintaining your competitive position for talent has never been more important or more complex. Changes in the competitive environment, regulatory and technological shifts, and economic and political forces can impact the labour market and your organisation. Talent REWARD Market Analysis is used by hundreds of organisations globally to provide insights and to support the process of market pricing during the creation and maintenance of salary structures and incentive plan design. Launched in 1994, it has continually been the market-leading technology for market analysis and compensation design. Talent REWARD Compensation Design will simply change how you work. Key features include: Simplified analysis and design of multiple structures and cost modelling, such as cost impact analysis of bring to target and multidimensional matrices. The ability to model salary increases by quickly linking multiple analyses to understand the cost impact of compensation programme changes for large employee populations at the business unit, country and individual employee level. Rich standard reports plus an ad hoc report writer with easy to use drag and drop and export capabilities. The ability to link job levelling and market analysis to streamline existing or create new compensation structures to support organisation objectives. Communication of new compensation designs job level and pay opportunity to managers and employees. The ability to establish merit matrices that support your pay for performance philosophy. 6 towerswatson.com
Key features Market Analysis Survey management that supports loading and submission of compensation surveys from any survey provider. A direct link to Towers Watson s Data Services, the largest database of compensation practices in over 100 countries. Numerous standard reports and robust ad hoc reporting capabilities. Second-year match to make subsequent year survey completion easier, saving time and increasing consistency of comparisons year to year. Compare base salary, short- and long-term incentives and many other compensation elements to the market. Key features Compensation Design Design, management and modelling of salary structures. Analyse the costs of moving segments of your employee population to a position in the market, or a position in their grade. The ability to model salary increases by quickly linking multiple analyses to understand the cost impact. Design merit matrixes that support the company s pay for performance philosophy. Short-term incentive plan design and modelling. Associated services In addition to using Talent REWARD on your own, Towers Watson consultants can help deliver the greatest value out of the system. We have supported numerous organisations on an ongoing or project basis with sourcing market data and responding to surveys, analysing and strengthening market competitive position within and across countries, business units, job families and critical employee groups. Towers Watson is also a global leader in helping clients design and build compensation structures. When our consultants work on compensation consulting projects for our clients, we often use Talent REWARD to help deliver those projects. We offer a range of job levelling approaches, from established methodologies to custom implementations. Our GGS and Career Map job levelling tools are not only more flexible than traditional methods, but also easy to implement, understand and manage. Total reward philosophy: We partner with you to align your reward philosophy with your organisation s business strategy and objectives. We help you articulate and communicate your philosophy for designing and delivering rewards. We tailor solutions for your company that not only better differentiate, but also align pay with performance, drive desired employee behaviours and integrate with broader talent and reward strategies. And we help you balance fixed, variable and non-monetary components to focus reward investments on programmes and activities that have the greatest impact on the organisation s bottom line. Design solutions: Our tools and methodologies including job architecture, job levelling solutions, and approaches for designing both base and variable pay programmes are based on our years of research and our market data collection and analysis experience. Our solutions can help you create a sound, globally consistent framework for pay decisions that ensures compensation is both appropriate and competitive throughout your organisation. With our proprietary Total Rewards Optimisation Analysis, we can pinpoint specific reward programmes that merit greater investment, as well as those that can sustain diminished investment, without negative impact on workforce productivity or engagement. Consistency, reliability and high quality Our consistent survey methodology reflects our extensive knowledge and experience in job levelling, job architecture, our understanding of how cross-industry and industry-specific jobs are structured and how they evolve as industries change. This ensures accurate and meaningful comparisons of data across all countries and regions of the globe. Integrated talent and reward technology 7
Compensation planning Helping managers differentiate pay within limited budgets Module overview Managers are asked to differentiate employee compensation recommendations based on individual performance, organisational results and business unit achievements. Achieving alignment between individual pay decisions and company compensation philosophy is critical to the successful management and engagement of employees. Talent REWARD Compensation Planning gives your managers and compensation professionals a complete set of data, rich reporting and analytical capabilities to manage your compensation cycles and realise your pay for performance philosophy. 8 towerswatson.com
Key features Supports manager decision-making Enable managers to make compensation recommendations as an integrated part of the performance management process. Manage base salary awards, bonus and stock in a single, consistent interface. Support for off-cycle adjustments and promotions. Instant analytics and graphics Intuitive and interactive graphics enable managers to visualise the compensation process and take the appropriate action. Calibration Real-time view of recommended spend versus budget and other key analytics. Compare and analyse total compensation by direct reports or entire span of control. Automated approvals Configurable approval workflow. Personalised statements Personalised employee statement options from simple merit statements to comprehensive total compensation communications. Associated services In addition to an efficient compensation planning process and analytics, appropriate design and communication are critical to achieving the desired pay for performance philosophy. Towers Watson consultants can help you create the right guidelines for differentiating performance, while providing clarity around budgets and support for managers responsible for determining and communicating pay decisions. Towers Watson Total Rewards Statements ensures that each employee is aware of and understands everything you provide as part of their Total Reward package, which in turn is one of the most tangible aspects of the employee value proposition (EVP). An EVP defines the give and the get between company and employee and encompasses every aspect of the employment experience. Integrated talent and reward technology 9
Performance management An online, collaborative environment to help drive better performance Module overview Talent REWARD Performance software gives your managers and employees an easy online environment to collaborate continually on performance improvement based on clearly aligned goals and objectives. It enables broad, objective feedback to boost productivity and employee engagement. Link performance objectives to learning opportunities and automate year-round performance processes. Performance Management tracks goals, supports performance reviews with both internal and external feedback, allows employees to create career plans and lets them select learning courses to meet their development needs all the things that help your exceptional people to focus where you need them. 10 towerswatson.com
Key features Define performance processes Configurable processes and workflow steps. Align on goals and objectives Options for weighting, cascading, linking up and down the management hierarchy, and linking to organisational goals. Support for competency assessment Using Towers Watson s Competency Atlas, or bespoke/third-party competency libraries. Ability to assess and calculate ratings Based on performance versus objectives and/or competency assessment. Integration with compensation planning Rich source of data and analytics to realise a company s pay for performance philosophy. Create development plans Ability to build development plans and link into learning resources as part of a defined performance process. Integration with succession planning Ability to conduct succession planning assessments as part of a defined performance process and comprehensive matrix feedback functionality. Associated services Performance management continues to be one of the critical HR programmes that touches all employees, is targeted for global consistency, is an emphasis for businesses today, and remains a major challenge for many organisations. Towers Watson has the breadth and depth of consulting expertise in this area to help you in a number of ways, notably: Conducting performance management audits to get at the strengths/opportunities for improvement in the current performance management programme and associated links. Designing and delivering manager capability training. Designing and supporting performance management, communication, and implementation strategies and activities. Assisting in performance management redesign. Integrated talent and reward technology 11
Career management Support the growth and development of your people Module overview Do your employees clearly understand their career options? Talent REWARD Career illuminates the obvious and not so obvious paths, zigzags and lattices of career growth in your organisation. The Talent REWARD Career module makes online career management meaningful and easy. 12 towerswatson.com
Key features Central repository of employee information Provides a central repository of employee information including career interests and existing competencies. Integration with LinkedIn. Communicate career paths Present career path options to employees with meaningful gap analysis. Connect competencies and skills with your job catalogue. Leverage development plans and learning resources to close gaps. Career development opportunities Provides insights on career development opportunities for your associates. Communicates success stories that show real life examples of the career paths that key employees in your organisation took. Highly capable search function with the ability to identify employees with specific competencies and attributes such as a fluency in a second language or a desire to relocate. Integrated talent process Integrates with performance management, succession planning and learning for a unified talent process. Competency referencing Towers Watson s Competency Atlas is a globally vetted, future-focused competency dictionary. Our competency dictionary is a comprehensive catalogue of competencies referencing a full spectrum of employee, manager and leader behaviours in an organisation. Through careful methodology, certified facilitators can use Competency Atlas as an efficient, cost-effective resource for building organisational competency models tied to business strategy and results, or for refreshing existing competency models to reflect changing demands. Competency Atlas has also been scaled to align with our job levelling methodologies. Associated services Sometimes technology alone does not help employees manage their own careers. Towers Watson consultants can provide a complete solution including employee research to understand what is blocking effective career development, aligning competencies with levels in a career path, and training managers on how to be effective career coaches. Our consultants help clients create job architectures and competency models that help employees better see their career options in and out of technology. And we help effectively communicate such models to employees to raise awareness and help bring these to life. Integrated talent and reward technology 13
Succession planning Know your bench strength and better manage talent risk Module overview Succession planning is evolving. Once focused on a handful of senior roles, it now covers many key jobs throughout an organisation. Of course, this expanded scope means there is more to track and manage: more candidates, more forms, more feedback, and more discussions. Towers Watson Talent REWARD Succession supports living, breathing succession plans that simplify managing more. With it, you will be prepared to react quickly with the right talent placements at the right time. And importantly, you will gather information on your high potentials development needs crucial to know as you cultivate a strong workforce. Beyond automating your succession process, Talent REWARD Succession can help determine the unique demands of a job, link to career paths and estimate the cost of development through the optimal path. 14 towerswatson.com
Key features Creating succession plans Enable ad hoc or workflow-driven succession plans for individuals and jobs. Sophisticated succession surveys Help managers identify the ideal internal candidates with sophisticated succession surveys. One-click succession packets Create one-click succession packets and rich interactive organisational charts. Development and learning activities Link succession plans with development and learning activities. Career development opportunities Provide insights on career development opportunities for your associates. Integrated talent process Integrate with performance management, succession planning and learning for a unified talent process. Associated services Effective succession planning connects activities from across the organisation and talent management programmes to create a clear understanding of the overall talent pool, selected groups and individual employees. We can work with your organisation to prepare for the process and help your managers become effective career coaches. Towers Watson consultants can assist you with: Understanding business priorities and people implications to inform your strategy and approach. Designing a succession management framework. Developing succession management templates and tools. Designing and supporting communication and implementation strategies, media and activities. When working with you on succession management, we take an approach that is strategically anchored to ensure the framework drives business performance and is designed with the end in mind. This ensures consistency in the assessment, identification, development and movement of talent. Our consultants will also help to align your talent strategy, programmes and processes, and enable the capabilities to build and maintain the right pipeline of talent, while ensuring buy-in and support across key stakeholders. Integrated talent and reward technology 15
Learning management Help employees manage their careers and optimise your training investments Module overview Learning is a word that we use quite a bit when talking about careers, skills and competencies critical to business. Talent REWARD Learning can help you to focus employees on growing the skills most needed within your organisation. The module connects employees and managers to e-learning, self-study, classroom instruction, internships and mentoring or any other programmes designed to develop your people. It can also link training experiences back to development and performance objectives as well as successor development, full circle for fruitful growth. 16 towerswatson.com
Key features Learning and course management Functionality for employees, managers and learning managers that facilitates formal and informal learning and course management. All learning modalities included Selection, registration and completion of all learning modalities (physical, online, classroom). Online transcripts Easy visibility to all activities using online transcripts. Personalised library A personalised library of available learning items with clear line of sight to performance improvement areas and career development plans. Associated services Employees continue to struggle with managing their careers. Organisations are looking for better ways of optimising training investments. It takes more than automating learning activities to do this it is about providing the right learning interventions at the right time. Towers Watson consultants can work with you to define a learning architecture that balances traditional and experiential approaches to meet your development agenda. Our communication and change management consultants help clients develop fun and innovative ways to engage employees in your learning programme to drive higher utilisation. Integrated talent and reward technology 17
Towers Watson s HR Technology portfolio For decades, Towers Watson has provided leading-edge HR technology consulting and systems to thousands of clients and millions of employees worldwide. We bring exceptional, confi gurable solutions delivered by domain experts and we partner with you to drive and measure results. Talent REWARD is Towers Watson s world-class talent and reward software solution. It supports clients looking to integrate and automate their talent and reward programmes, and enables them to administer their programmes as part of a fully integrated talent management strategy. Talent REWARD comprises nine modules: Job levelling, Job architecture, Market analysis, Compensation design, Compensation planning, Performance management, Career management, Succession planning and Learning management. HR Portals Towers Watson s HR Portals take integrated service delivery to a more sophisticated level, with seamless access to information, customisation, real-time collaboration, and ease-of-use for employees, managers and HR. Far more than tools, our portals engage the workforce as they deliver. CompSource CompSource unifi es the richness of Towers Watson s market data with integrated, high-end analytical capabilities to create a dynamic and secure system you can use to access data from around the world. With CompSource you can create customised reports that are meaningful to your organisation and its goals. Whether you need to review pay levels for a role across 10 countries, design a company car plan for thousands of employees or support the start of HR operations in a new market, CompSource can support your business needs. Human Capital Metrics Human Capital Metrics is a leading single-source portal for workforce data and analytics. It is the result of our many years of experience working with industry leaders around the world to improve workforce productivity and HR effectiveness. VERA Developed by Verbatim Analysis and INRIA (the French government agency for computer science) in partnership with Towers Watson, VERA is a market-leading tool for employee research. VERA is the fi rst automated narrative text processing tool in the world designed specifi cally for employee survey comments. With a multidimensional lexicon of words and phrases, VERA utilises a breakthrough analytic formula that extracts key themes buried across thousands of comments in seconds. Online Total Rewards Statements Our personalised employee communication capabilities make it easy for you to communicate individual rewards. Personal communications also create a positive experience for the employees who receive them. With the Total Rewards Statements, you can ensure that each employee sees and understands everything you provide as part of the employee value proposition. Insights Actions Platform Survey results are only data until they are analysed, understood and acted on. By drawing insights from data, and using those insights to make the right decisions about workforce investments and programmes, we can help you to achieve the business impact you want. Our Insights Action Platform (IAP) is a comprehensive, integrated technology platform that helps managers, executives and HR staff manage and analyse employee survey data. The platform integrates a full suite of relevant tools and modules, ensuring maximum effi ciency in the setup, administration and delivery of a survey project. 18 towerswatson.com
For decades, Towers Watson has provided leading-edge HR technology consulting and systems to thousands of clients and millions of employees worldwide. Integrated talent and reward technology 19
About Towers Watson Towers Watson is a leading global professional services company that helps organisations improve performance through effective people, risk and financial management. With more than 14,000 associates around the world, we offer consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson 71 High Holborn London WC1V 6TP Towers Watson is represented in the UK by Towers Watson Limited. The information in this publication is of general interest and guidance. Action should not be taken on the basis of any article without seeking specific advice. To unsubscribe, email eu.unsubscribe@towerswatson.com with the publication name as the subject and include your name, title and company address. Copyright 2014 Towers Watson. All rights reserved. TW-EU-2014-38534. July 2014. towerswatson.com /company/towerswatson @towerswatson /towerswatson