When it comes to your total rewards package ask yourself: In which areas do you need to meet or exceed the value proposition most employers offer to be competitive? Which factors are most critical to your current demographic and how might that change as you recruit new talent?
Factors include much more than monetary rewards and can encompass recognition, work-life balance, benefits, development and career opportunities. Obviously, you cannot afford to offer everything under the sun in each of the total rewards categories but you can understand where your business is headed and document the right mix of elements most important to your staff and business strategy.
The next and critical step is to design a communications plan that reinforces its value and shows how rewards are linked to business objectives. When employers communicate rewards in isolation from each other, employees lose sight of all they receive. This is an opportunity to drive employee engagement.
- Base Wages
- Premium Pay (ex. On-call pay, weekend pay, hazard pay, etc.)
- Variable Pay (Incentives, bonus, stock options, etc)
- Legally Required/Mandated
- Health and Welfare
- Workplace Flexibility/Alternative Work Arrangements
- Paid and Unpaid Time Off (vacation, sick, bereavement, paternity leave, adoption leave, etc.)
- Health and Wellness (ex, flu shots, Employee Assistance Programs, 24-hour nurse line, etc.)
- Community Involvement
- Caring for Dependents
- Financial Support (ex. tuition reimbursement, transit subsidies, etc.)
- Voluntary Benefits (long-term care, supplemental life insurance, parking, pet insurance, etc.)
- Culture Change Initiatives (ex. work redesign, diversity initiatives, etc.)
Performance and Recognition
- Performance (1:1 meetings, goal setting, performance reviews, etc.)
- Recognition (appreciation lunches, spot awards, peer awards, etc.)
Development and Career Opportunities
- Learning Opportunities
- Coaching and Mentoring
- Advancement Opportunities