Total reward – does it really matter?
Organisations new and old have to ensure that their reward strategies and practices are capable of attracting and retaining talented people. So whilst we talk about incentives and other ‘tangible’ benefits such as a company car, life insurance etc. ‘intangible’ rewards are often a prime motivator for many staff and candidates. It matters when they decide where to work and the commitment they will give to your organisation.
Total Reward offering which typically incorporates:
- Direct reward such as base pay and other cash based incentives
- Indirect reward typically health and lifestyle, retirement etc.
- Personal and professional development incorporating career opportunity and mobility
- Environment i.e. reputation, values and practices to recognise employee needs/aspirations
Total reward encompasses all aspects of the employment offer and builds success through recognising what employees really value at work. And letting your existing people and potential candidates know about them.
We can provide expertise in creating a tailored total reward strategy for your company to enhance your Reward First ® People Consulting can help you develop, implement and communicate the reward strategy and working practices to meet your business and people objectives.