A total rewards strategy is essential in attracting, motivating, and retaining top talent within your organization. They deliver more targeted value to the various employee populations and enhance the overall employee experience, while providing the employer with the ability to attract and retain top tier talent.
Top priorities for 2021 Total Rewards include:
· Optimize while reducing costs of existing programs
· Ensuring compensation plans are competitive
· Wellness programs
· Supporting & educating employees on financial wellness such as retirement plans, stock options etc.
· Group benefit plans including Life Insurance, AD&D, Health, Dental and Vision care
· Paid time off/Personal Day/Flex Time
· Flexible work hours/ Work Life Balance
· Remote work
· Company sponsored training/development
Start by reviewing your current compensation package as salary alone won’t allow you to compete for and retain top talent these days. Reframing your plans as a total rewards compensation including other perks can support you in becoming an employer of choice. Once you have defined your total rewards package, you can use it to illustrate the value while talking with employees and candidates.
Employees must be aware that the benefits exist and be knowledgeable about them to use them properly and to gain their full value. Outlining your program, providing employee education sessions and highlights of benefits and perks will support your education of both current and future employees.
When employees see the value and what you are willing to invest in them, above their pay, it can lead to a positive work culture, improved morale and engagement and higher retention. Employee satisfaction has been shown to lead to better performance, fewer sick days, and higher productivity.
Finally, you’ll need to measure the success of your program and how well received it is by employees. Job satisfaction questionnaires given prior to rewards changes and 1 year following are a good way to measure your results.
Implementing a Total Rewards Strategy is not an easy task, but the rewards far outweigh the risk. You may want to implement a Total Rewards Strategy, but not be sure where to start, who to reach out to, or what the benchmarking is in your area, or industry. Sterling Capital Brokers can support you and your team in defining what Total Rewards means to you and your team. We can provide the insight and expertise required to design a benefit strategy within budget, while supporting all your team’s needs.
For more information, please visit the Sterling Capital Brokers website at https://sterlingcapitalbrokers.com