Imagine yourself as a talented employee who has decided to take the next step in your career and explore working at a new company. Obviously you care about salary, but Total Rewards is really what you're using to rank your prospective companies.
You're looking for a unique blend of benefits that resonates with your needs and aspirations, and which provides insights on the company culture that will impact your day-to-day life moving forward.
No flexibility in working arrangements? Probably not the right company for you.
No work-life balance? Let's keep looking for other opportunities.
As People Leaders, the decisions made about benefit programs and total rewards have a deep and lasting impact on our organizations and on our teams. With tight budgets and increasing costs of health insurance, it's difficult to provide employees with everything that we would like to provide.
Through Total Rewards, companies can improve the employee experience in a cost-effective way while showing employees that their overall wellbeing and day-to-day happiness is a vital focus of your company's culture.
What is Total Rewards?
Total rewards is a combination of both monetary and non-monetary incentives. These incentives are aimed at making your employees feel valued and appreciated.
Total rewards includes:
Monetary pay: employee salary, bonuses, and commissions
Traditional benefits: healthcare, dental, and vision insurance
Stock compensation: employee stock option plans
Retirement plans: 401(k) plans and other retirement focused benefits
PTO & flexible work: paid time off, flexible work arrangements, work from home part-time or full-time
Wellness / wellbeing programs: encompassing fitness, mental health, financial wellness, continuous learning, and/or nutrition
Professional development opportunities: mentorships, workshops, training programs, etc.
Paid family leave & childcare assistance: paid family leave, childcare focused benefits
These tangible and intangible rewards work together to create a comprehensive package that meets the needs and interests of your employees.
By using total rewards as part of your compensation package, you are not only motivating and retaining employees, but also attracting new talent to join your team.
Benefits of Total Rewards
Attract top talent: In a competitive job market, offering total rewards can give you an edge in attracting and hiring the best employees. Candidates are more likely to choose your organization over others if they can see that their overall needs and interests will be taken care of.
Increased employee retention: By offering a comprehensive compensation package, you are showing your employees that you care about their overall well-being. This can lead to increased job satisfaction and loyalty, resulting in higher retention rates.
Increased productivity levels: When employees feel appreciated and supported, they are more likely to put in their best effort. This leads to increased productivity levels and overall business success.
A positive and healthy workplace atmosphere: Employees who feel valued and supported through total rewards are more likely to have a positive attitude towards their work and colleagues. This creates a more enjoyable and productive workplace for everyone.
Improved employee happiness: Total rewards not only show employees that they are valued, but also provide them with a sense of security and stability. This can lead to increased motivation and engagement in their work.
Implementing Total Rewards
To effectively implement total rewards, it's important to have a clear understanding of your employees' needs and interests. Conduct surveys or hold focus groups to gather feedback from your employees on what they value most in a compensation package.
Additionally, make sure to regularly review and update your total rewards program to ensure it remains competitive and meets the changing needs of your employees. This will help you retain top talent and continue to motivate and engage your workforce.
Not sure where to start? We got you! Here are three easy, cost-effective suggestions to get you started:
Conduct an employee survey: Ask your employees what they value most in a compensation package and use the information gathered to shape your total rewards program.
Offer flexible work arrangements: Consider implementing remote work options or flexible schedules to improve work-life balance for your employees.
Implement a wellness program: Promote employee health and well-being by offering a personalized wellness programs including the main categories of: fitness, mental health, continuous learning, financial wellness, and nutrition.
Investing in your employees is an investment in your organization's success. Every organization is unique, so don't be afraid to tailor total rewards to fit your team!
If you're looking to improve employee health and wellness within your organization, be sure to check out Holisticly's personalized employee wellness benefits program. With the program, HR leaders can create cost-effective programs built for diverse teams, allowing employees to choose from name-brand options like ClassPass, BetterHelp, HelloFresh, and more.