why consider a total rewards strategy?
A combination of monetary and non-monetary rewards, a total rewards strategy is available to employers to attract, retain, motivate and engage employees. Rewards are built on the business’ strategy and align with employee interests, placing value on the employment relationship which can be beneficial to the success of the company.
What is included in a total rewards strategy?
A total rewards strategy compliments an organizations employee acquisition and retention strategy and is typically comprised of the following six elements:
- Compensation – as a means to provide incentive and encourage retention, employees can receive fixed or variable pay for services rendered
- Benefits – indirect and non-wage programs that provide security for employees and families
- Performance management – the alignment of organizational, team and individual efforts to achieve business goals
- Recognition – formal or informal programs that reinforce employee actions or performance that support the organization’s strategy
- Work-life effectiveness – practices that actively support efforts to help employees achieve successes at work and home
- Development – tools and opportunities for employees to hone their skills and competencies for the sake of their short and long-term careers
Benefits of a total rewards strategy
A strategy of this nature is beneficial to both the employer and employee. First, it’s a great way to foster strong, positive relationships by showcasing the value of the benefits employees receive beyond their base salary. In return, the employees help to drive organizational success. In addition, this strategy can improve recruitment and retention for the company.
How to implement a total rewards strategy?
Univest HR Consulting takes a four-phase approach to implementation: assessment, design, execution, and evaluation.
First, we need to understand if you have an existing program and if so, how it’s performing for your company. Your employees’ feedback is important in this stage as it helps to identify where there is value in the program and what needs to be reassessed or created.
- Evaluate current program and how it works
- Understand employee position on total rewards
- Research to gain additional insight
This phase we help your company decide which employee attributes to reward and which rewards to offer out of the key elements below.
- Compensation
- Benefits
- Development
- Work-Life Effectiveness
Once the program has been created, we’ll work together to implement the program in addition to completing the following tasks.
- Determine eligibility requirements
- Measure performance
- Determine how to manage the program
This phase of the project is critical as it will indicate if the results match what was anticipated, demonstrating that the program was worth the investment.
- Compare actual results against desired results
Implementing a total rewards strategy can be challenging, but Univest HR Consulting is here to guide you in doing what’s right for your company. Boost your chances of enhancing performance and increasing employee satisfaction and loyalty by contacting us today.
Insurance products are offered through Univest Insurance, LLC. and are obligations of the issuing insurance companies, are not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States. Insurance products are not a condition to any bank loan, product or service. Univest Insurance, LLC. is a licensed subsidiary of Univest Financial Corporation.
Insurance products are offered through Univest Insurance, LLC. and are obligations of the issuing insurance companies, are not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States. Insurance products are not a condition to any bank loan, product or service. Univest Insurance, LLC. is a licensed subsidiary of Univest Financial Corporation.
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