Archive for the ‘Total Rewards’ Category

Total Rewards: More than Just a Paycheque

Saturday, May 19th, 2012

Every successful business wants to attract, motivate and retain the right employees who will contribute to their organizational results. The best employees are looking for more than just a pay cheque in return for their time, talent, and effort. A “total rewards” package can balance the needs of both the employer and the employee.

Total rewards includes compensation, benefits, time away, work-life, performance and recognition, development, and career growth opportunities. High performing companies strive to leverage all components of  “total rewards” to their advantage. A tailored total rewards strategy results in satisfied, engaged and productive employees, who in turn create desired business performance and results.

Surprisingly, employees are often not aware of the program’s full value and benefit to them. It’s important to ensure your employees understand:

  • All components of your “total rewards” offering
  • The details of each segment
  • The monetary value of the “total rewards”

Prepare your communication with these ideas in mind:

  • Highlight what your employees will value most.
  • Identify major employee audiences including managers, support staff, salaried, hourly, single, family members, cultures, languages, and age. What messaging will speak to everyone’s needs and concerns?
  • To increase employee appreciation and loyalty, be honest with information that is accurate and verifiable.
  • Highlight areas that may be underutilized–often an Employee Assistance Program that can support their personal wellbeing.

Tip:

Develop and communicate a “total rewards” offering that is competitive and speaks to the needs of your staff and business. The offering may also include low or non-cost items that are ‘of benefit’ and valued by staff. Do your research or speak with an HR professional to design a solid plan, then get back to business.