Reward Blueprints: 'We are very grateful that you are putting in so much effort to grow the reward profession by creating a repository of information. These reports are going to open up a whole new world of knowledge to a lot of our team.'
Bristol-Myers Squibb is a US-owned pharmaceuticals company with a full range of employment policies and practices. Staff expressed confusion over the reward package. Not only was there a lack of understanding over what they received, there was a perception that the organisation's pay and benefits did not compare well with what was being offered by the competition. A move to flexible working to support recruitment and retention was a catalyst to bringing all the policies together under a total reward banner.
In this case study, we see how Bristol-Myers Squibb moved to the concept of total reward as a means of communicating the value of its existing provision. It kept the traditional distinction between compensation and benefits, describing everything else as "the work experience". This includes recognition, work-life balance, culture, employee development and the working environment.
Bringing the policies together and communicating their value has worked well, according to Bristol-Myers Squibb. Introducing even more flexibility is the logical next step for the company.