A total rewards program refers to all the tools your company uses to attract, engage and retain employees, as well as recruit and secure talented job candidates. When selecting their future employer or deciding whether to stay or leave a company, workers evaluate the total rewards their company offers them. WorldatWork suggests that there are five elements that make up a total rewards program: compensation, benefits, work-life initiatives, performance and recognition initiatives, and development and career opportunities. A solid total rewards strategy combines the five elements to create a workplace environment that maximizes employee engagement.
Creating an appealing program will increase morale and job satisfaction, as well as improve overall staff performance. Here are some items to keep in mind when planning your total rewards program:
Your Employees Are Unique
Carefully analyze the different staff members who make up your organization. No two employees believe in the same values or partake in the same activities. Be sure your total rewards program takes employee differences into consideration. Create a culture that allows several types of people and personalities to grow and enjoy success.
Educate Your Workforce
As an employer, you are responsible for communicating to your staff the rewards that your company provides. If your employees receive higher than average compensation or your wellness program saves staffers money, make sure they know. It is up to your company to communicate the attractive aspects of your organization. Frequently remind employees of the benefits that you offer so they’ll have a reason to stay loyal and perform better.
Emphasize Your Appreciation
Employees are more likely to stay with organizations that show them that their time and efforts have not gone unnoticed. Use your total rewards program to highlight how important your staff members are to your company. Include meaningful ways to recognize and reward employees who turn in stellar work. Make sure professional development opportunities and other tasks to help your staff reach success comprise part of your total rewards strategy. Show them you care so they won’t want to leave.
CAI’s 2012 Compensation and Benefits Conference will feature additional tactics to craft an enticing total rewards program for your workforce. The conference will also cover several topics that are imperative for attracting, retaining and engaging your employees, including flexible scheduling and helping different generations plan for retirement. In addition to the knowledge you’ll gain by attending, you’ll have the opportunity to network with more than 150 HR professionals. Register for the conference today: www.capital.org/compconf.
Photo Source: robertstinnett