It’s a new day, people, and things aren’t done changing yet. Employees have more, and somewhat different, needs now, along with expectations. Yes, great pay and benefits remain an integral part of successful recruitment and retention efforts. But that alone is insufficient. Increasingly, employees want ample opportunities for advancement, they want to be holistically protected, and they want to feel like they’re a part of something larger than themselves. That adds up to a more dynamic, multi-layered employee experience that you must provide if you’re going to remain highly competitive and be able to pull in and keep top talent.
On top of that, you must reset your rewards strategy in a way that allows you to pivot if, and when, things change. And that starts with data and analytics. You must remove the guesswork from your strategies and decisions.
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With all that in mind, here’s what you need to know about expanding your rewards and incentives to revised expectations.
What is Meant by Total Rewards?
When it comes down to it, total rewards are whatever an organization offers an employee for their membership, commitment, and contribution. That means both monetary and non-monetary benefits. In addition to wages, we’re talking things like traditional healthcare benefits, voluntary benefits such as disability insurance, retirement plans, personal time off, wellness programs, work-life flexibility, and programs and training that can help an employee advance.
And now, as we say, it also means a broader and more varied employee experience. Note a recent Mercer Global Talent Trends study in which half of employees favor employers that offer “responsible” rewards, and nearly as many want to work for a company that protects not only their financial wellbeing, but their health as well. What’s more, 37% of respondents said they were motivated by organizations that have robust values and a sense of mission and purpose. And in a relatively recent twist on the workplace front, 36% prefer enterprises that prioritize things like social equity and environmental protection.
Why is it Important That We Get That Right?
For one, you need to be able to get the best and the brightest to come work for you. For example, a National Bureau of Economic Research survey found that more than 40% of employees would accept less pay for employee rewards that include benefits such as flextime or remote work.
You also want to be able to keep your key talent on board. Note that a survey by Willis Towers Watson showed that 78% of employees would stay on with their current employer because of the benefits it offered.
What You Need to Do to Better Position Yourself
For one, you need a reworked, customized total rewards strategy that uses analytics to understand your workforce, shutter skills gaps, and fortify employee engagement and retention. You also need a job platform that promotes agility by aligning pay and benefits with positions, career trajectories, and the state of labor markets.
To wring the most from your total rewards efforts, you must base them on the flexible, remote, and digital models that are increasingly resetting how work is done today.
If you’re going to expand your rewards and incentives to revised expectations, you must be intentional about it. By now you realize that sitting back and hoping things blow over is not an effective strategy. But there’s no going back. If anything, change will continue. And as we say, that not only calls for a reimagined rewards strategy, but one that builds in agility. We suggest that you enlist the help of an HR consultant such as Mercer, which has the experience and expertise to put you on the right track.
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