Content area
Full text
Two total reward programs bring out two different emphases
Having a total rewards program begins with knowing exactly whom to hire and retain. At Holt Renfrew, a high-end retailer headquartered in Toronto with 2,200 employees, vice-president of human resources Mark Derbyshire knows he's not trying to appeal to all and sundry. He's got a very specific idea of what the ideal Holt Renfrew employee looks like, and that vision serves as a reference point for the company in putting together the right total compensation package.
The way Derbyshire describes them, Holt Renfrew employees are sophisticated, fashion-conscious people who love the customer, get bored with the same-old and don't mind having things shaken up once in a while. They're receptive when asked to change the way they do their work every once in a while. And, conversely, they look for some "sizzle" - something different in what they're offered by their employer.
"If you only come to the table and say, 'Here's our base,' that might get them but that won't keep them. There's always someone else willing to offer a few cents or a dollar an hour more than you," said Derbyshire. "I think what keeps them is the flexibility and the choice and that thing that's so unique that no one else can duplicate."
Employees are given a 50-per-cent discount on all store items and a 33-per-cent discount on most sales items.
"For people who love fashion, that's the thing that someone in another industry can't duplicate," he said.
When employees refer someone new to the company, their cash award isn't much $100 - but what they also get is an entry in a yearly draw. The winner gets a customized vacation of their choice.
"We've sent a woman and her husband to New York for three days, had them picked up at the airport in a town car, put champagne and strawberries in their room," said Stephany Babson, manager, employee marketing. Perhaps that's why participation in the referral program grew from six in 2004 to...