Top tips for building a total rewards program that wins.
By Evette Baker, President of Sparks Group
Gone are the days when a simple compensation and benefit package was the key to a happy employee’s heart. If anything, to achieve an engaged and loyal workforce that will attract and retain quality personnel, employers have to do more than just go the extra mile—they have to constantly bring more and more perks, rewards, and incentives.
Millennials now dominate the workforce. They pray at the altar of convenience and individuality and crave employment opportunities and environments that “get them” and allow them to be part of something bigger. Thus this trend towards a total rewards package shows no signs of disappearing anytime soon.
Sound familiar? According to a recent piece by BenefitsPRO and a Global Engagement study conducted by Aon Hewitt, engaged employees tend to work for organizations that offer a “rich and balanced benefits package that is well explained to them and that is competitive in the marketplace.” Typically, the “rich and balanced” aspect of this offering tended to come from opportunities to build additional career skills and increase work-life balance.
So, what does this mean for you and your organization? If you’re beginning to think that there might be some ways to improve your total rewards package (or if you’re thinking now would be a good time to start one), you’re right! In order to keep current employees happy and attract new talent, here are some top tips to consider:
· Make it personal. Employment packages should include compensation as one of the factors, but additional rewards should focus on offerings that appeal to and deliver value to employees on a personal level.
· It’s not about getting from point A to point B—It’s about the journey. Employees are searching for opportunities and packages with “extras” that will enhance their work experience, above and beyond the more transactional style of cost/compensation and negotiation from previous generations.
· The unmatched power of influencers and impact. Employees are increasingly choosing to work for organizations that offer value-adds such as professional development and coaching, team and social activities, and appreciation incentives and overtures. A hefty part of ensuring that your total rewards are being communicated and enjoyed involves leveraging feedback directly from your teams. Brand ambassadors can either be your greatest asset in spreading the word to entice and engage employees or your toughest critics who complain about what you may not be doing as well as you could.
Overall, employers in today’s workplace need to be increasingly aware and adaptable, looking proactively at what competitors are offering and listening to their employees’ honest feedback about areas for improvement. Transparency, individuality, and knowing your audience (as well as speaking their language) may seem like difficult tasks, but they’re essential to ensuring that employee teams are satisfied and engaged to perform at their top potential, and advance your organization into the future.