Renu Chhabra
VP, Global Head of Benefits & Total Rewards
Tyson Foods
Episode 326
Rethink Total Rewards: Data Trumps Trends for True Employee Value
Current chapter: Covering monthly expenses is the number one concern for employees in 2024
Built By PeopleJanuary 28, 2025 · 13:03
Thesis
“Effective total rewards strategy necessitates a data-driven approach that understands diverse employee needs, offers tailored choices, promotes financial transparency, and prioritizes holistic well-being, rather than simply chasing every new trend.”
Show notes
In this episode of the Built by People podcast, we explore the career journey of Renu Chhabra, an HR executive at Tyson Foods, who shares her extensive experience in Total Rewards . Renu discusses her background in actuarial mathematics, beginning at UT Austin, and her subsequent roles at companies like CVS, Towers Perrin (now Willis Towers Watson), CBRE, and McKesson. She delves into the challenges and successes she's faced along the way, particularly transitioning from a consultant to an in-house HR role. Renu emphasizes the importance of balancing cost control with attractive total rewards packages, utilizing data analytics to inform decisions, and addressing emerging trends like mental health. Her insights offer valuable lessons for HR professionals on managing employee benefits effectively. 00:44 Meet Renu Chhabra: Educational and Career Journey 01:51 Transitioning from Consulting to In-House HR 04:19 Balancing Management: Challenges and Strategies 05:36 Actuarial Insights in Total Rewards 07:12 Balancing Costs and Competitive Rewards 09:13 Leveraging Data for Total Rewards Decisions 11:03 Emerging Trends in Total Rewards 12:10 Final Thoughts and Advice 13:05 Conclusion and Farewell
What you'll take away
- 1Prioritize building loyalty and credibility by empowering direct reports, rather than always being the sole expert in the room.
- 2Leverage an actuarial background to critically evaluate PBM bids, focusing on unit cost and pricing transparency instead of solely on rebates.
- 3Balance cost control with competitiveness by offering diverse medical plan options, implementing pay-banded premiums, and sun-setting underutilized point solutions to reinvest in valued employee programs.
- 4Utilize social determinants of health data to identify and address barriers to preventive care, tailoring interventions (e.g., mobile units, incentives) for diverse workforces.
- 5Address the evolving landscape of mental health by exploring innovative, community-based, and digitally-focused support structures that cater to different generations.
- 6Focus on enhancing employee literacy and communication around existing total rewards programs as a foundational step before adopting new, unproven solutions.
What most organizations get wrong
- •Challenges the notion of constantly chasing new, innovative solutions in compensation and benefits, instead advocating for prioritizing employee literacy and effective communication of existing programs.
- •Suggests a contrarian approach to evaluating PBM bids, emphasizing a deep dive into unit costs and pricing from a pharma distribution perspective, rather than a sole focus on rebate-driven cost structures.
In Renu's words
“For me, the biggest challenge was converting from kind of that individual contributor being the expert in the room to taking a step back and saying, how do I give this person the opportunity to shine? So, So understanding that building, building loyalty, building credibility, that is far more important than being the smartest person or knowing all the details.”
Highlights a critical shift in mindset for leaders, prioritizing team empowerment and relationship building over individual expertise.
“When the, when the numbers were coming in, instead of being solely focused on, let's say rebates, really kind of stripping that out of the equation and saying, If utilization changes, how does the cost change based on the cost of the drug? So unit cost, essentially pricing.”
Demonstrates a sophisticated and transparent approach to evaluating PBM bids, moving beyond superficial rebate analysis.
“We took a step back this year to look at different options so that people didn't have to overinsure themselves or underinsure themselves. They could find the right level for them and their families.”
Illustrates a practical strategy for balancing cost control with personalized employee choice in medical benefits.
“And so we're partnering with our medical carrier to really understand, is it transportation? Is it access to care concerns? Do we believe that based on those zip codes in which our team members live, Is it a financial strain? What's the probability that maybe, you know, they don't own their home and they're trying to rent or whatever those things are that they aren't able to go and get their care?”
Shows a deep, empathetic application of data analytics to uncover social determinants of health impacting preventive care access.
“But I think the biggest thing that I would suggest to anyone is literacy, really educating team members on the programs that you offer already.”
Emphasizes the fundamental importance of clear communication and employee understanding of existing benefits as a core HR priority.
The problems this episode addresses
- •Controlling rapidly increasing healthcare costs (8-9% annual increases) while maintaining competitive and engaging total reward packages.
- •Addressing low engagement/utilization of preventive health screenings, particularly among diverse workforces, due to external factors like transportation, access, or financial strain.
- •Providing effective and accessible mental health support across different generations, given the difficulty in securing one-on-one therapy appointments.
- •Ensuring employees understand and value existing total rewards programs, often overlooked when HR teams focus solely on implementing new solutions.
- •Achieving true transparency in Pharmacy Benefit Manager (PBM) negotiations by moving beyond rebate-driven evaluations to focus on underlying unit costs and pricing.
In this episode
Covering monthly expenses is the number one concern for employees in 2024
Built by People
You worked for Caremark, now CVS, before joining Tyson Foods
Immigration to Total Rewards at Tyson Foods
Learn to balance managing above me and managing below me in your career
What's been the biggest challenge you faced in your career?
Vernu's actuarial background shaped Tyson Foods approach to total rewards
How Financial Analysis Influenced Tyson Foods' Total Reward Package
Data can help you identify trends, measure impact of programs, or optimize your current strategy
Healthcare Profits: Social determinants of health
Renu says mental health is top of mind at Total Rewards
Total Rewards
Ranu says literacy is most important when evaluating your digital offerings
Anu On The Built by People Podcast
Topics covered
Organizations and entities mentioned
Full transcript
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