Posts Tagged ‘employee retention’

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.

Are your hiring practices working?

Thursday, September 9th, 2010

Many managers view hiring as one of the easier decisions they have to make. Problem is, it’s also one of the hardest decisions to unmake! 

Here’s a common scenario for busy managers. A vacancy is posted on the web.  Some promising, skilled candidates apply–you interview, conduct a reference or two, make an offer and you’re done. 

The new employee starts, will integrate with the new team, orient to their new role, learn your processes, and all will be well.  You setup their objectives and expect a great fit. Fast forward a few weeks and it’s obvious that the employee isn’t the skilled, motivated and reliable individual you thought you’d hired. This situation negatively impacts you, your team, and the business.

There are many complexities involved to hire top candidates.  Here are tips to start you in the  right direction to recruit skilled employees that integrate with the team and your culture.

  1. Scrutinize every vacancy   The easiest time to change a role is when it’s vacant. Assess if the required skills and knowledge have or will soon change. Today’s job skillsets are continuously evolving to meet your business’s needs.
  2. Hire for the future; it’s almost here.

  3. What team are they joining? What are the skillset levels of employees in the team? Do you need a new hire that has advanced skills he/she can share with the team. Or, if the team is well developed, a newer graduate that can be groomed may be the best solution.
  4. Think ‘team’, not just individual.

  5. What’s on your recruitment plan?  Who’s on this hiring team? How will you screen, interview, assess, and reference to ensure you select the best fit candidate?  Consider who in the organization has views that would be beneficial. With a clear plan you have increased your ability to hire the right candidate.
  6. Plan for this valuable asset.

Costly and Impactful

 Recruiting talented employees is an important decision for managers. It’s a costly, impactful business decision. Only through talented employees can an organization meet and exceed business objectives.  Develop an organizational-wide recruiting strategy that covers processes from A to Z. You have a great organization; keep it that way.