October 9, 2023

Beyond Compensation-Total Rewards

The total rewards offered by an employer play a significant role in a company’s ability to retain top talent.

Employers are dealing with the volatility of the pandemic and finding ways to balance total rewards that align to the current climate. In a study conducted by Gallup’s 2022 State of the Global Workplace reports, “only 21% of employees were engaged, and low engagement costs the global economy $7.8M in lost productivity.”

As we are moving into a post pandemic era, 2023 has been a turning point and employers are identifying rewards that correlate with workplace satisfaction. Total rewards go beyond compensation and include hybrid flexibility, wellness programs, employee development, benefits, and recognition.

Employees can consider these 5 rewards when deciding whether to pursue a new opportunity.

Flexibility: Covid19 helped accelerate work from home models and has contributed to employees achieving a healthier work life balance as a result of reducing time spent commuting. More companies have transitioned to either a fully remote model or with the opportunity to work remotely 2-3 days per week.

Wellness Programs:  To help avoid employee burnout and foster wellness, companies are offering gym memberships, on-site fitness instruction, and providing healthy snacks for employees during their breaks. Employers who help to encourage habits can reduce stress and help employees to achieve optimal wellness.

Benefits: According to Forbes, “68% of employees believe healthcare” is the most important benefit. “45% of employees stated that life insurance is a top benefit and 34% agree that a retirement plan is vital.”

Employee Development: Continuous employee development opportunities help employees to stay motivated while striving for growth and internal promotions. Training and development, certification, tuition reimbursement, and the opportunity to further one’s education are ways in which employers can offer these opportunities.

Recognition: According to a study conducted by Nectar HR, “83.6% of employees feel that recognition affects their motivation at work.” Employee recognition is impactful for feeling valued and engaged. Companies are recognizing and celebrating employee accomplishments, anniversary dates, and birthdays. Whether it’s hosting a company celebration or providing a monetary gift, recognizing these milestones will show employees appreciation.

When considering a new opportunity, think about the total rewards that will help you stay motivated. Is it in one of the 5 brackets above or is it as simple as having an in-office ping pong table for some daily fun?

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