Stephen Childs, CHRO at Panasonic Automotive, Joins Lee Miller's Transforming Total Rewards Class

Stephen Childs, CHRO of Panasonic Automotive joined Professor Lee Miller’s Total Rewards class for a wide-ranging discussion of the importance of non-monetary rewards in the post pandemic workplace. Stephen started by reminding the class that as important as non-monetary rewards are, they are not a substitute for a competitive compensation structure. Rather, non-monetary rewards are a differentiator that keeps a company ahead of its competition and which is not very easy to replicate. A successful non-monetary rewards strategy can greatly reduce turnover and increase employee engagement. 

Stephen discussed 12 non-monetary rewards that have proven valuable to Panasonic Automotive, resulting in a turnover rate of less than 7%, compared to the industry average of over 20%.

1. Flexible Working 
2. Give Employees time to work on their own projects
3. Extra Leave
4. Allow time to do volunteer work 
5. One-on-one Meetings
6. Giving Employees the chance to show appreciation for each other 
7. Rewarding employees with more responsibilities 
8. Letting everyone know who is being rewarded and how
9. Giving employees the opportunity to attend educational or wellbeing events and workshops
10. . Recognizing employees on social media 
11. . Developing collaborative messages from all employees 
12. . Asking employees what they’d like

The number one benefit desired by employees? Flexible work schedules. 

Stephen also spoke of the importance of communication between managers and employees, including one-on-one “no agenda” talks, all-hands meetings and surveys. Most importantly, Stephen spoke of the importance of culture. While “Food, Beer and Wine Wednesdays, ping pong tables,  subsidized cafes and bean bag chairs are nice, they have little impact on turnover or engagement. “They are the icing on the cake, but you have to get the cake right first,” Stephen said. Creating a positive employee culture,  supported by the right values and behaviors and backed by solid hiring, training and performance management processes, has a substantial impact on recruiting and retention. 

In further dialogue with the students, Stephen also shared how Human Resources can foster engagement by aligning culture and corporate values to engage employees and generate pride and loyalty in the company. Stephen’s insightful presentation and engaging dialogue with the students illuminated key principles and practices in global Total Rewards management.