Your company’s Total Rewards Package is one of the most important investments your company will ever make. A well-developed program can help attract, motivate, and retain top talent; reinforces your brand and differentiate you from your competitors; and raise employee awareness and appreciation by focusing on what you offer. So how does your Total Rewards Program stack up?
Total Rewards and Performance
Companies know that it takes more than just base salary to motivate employees to consistently perform at high levels but are they taking full advantage of their Total Rewards Program? According to a recent survey conducted by Aon Hewitt, 58% of organizations surveyed use Total Rewards Programs to drive employee engagement, while 48% want their program to assist in retaining top-talent and or attract talent (44%). However, 60% of companies surveyed site low engagement levels, and two-thirds say employee engagement is steady or expected to decline.
So the question remains, what are those companies, who are rating their employee performance as high, doing differently? Well, according to Aon Hewitt, it’s all in the way they execute their Total Rewards Programs; each successful organization surveyed shared these qualities:
How To Use A Total Rewards Statement
Something that has gained momentum over the years is the use of Total Rewards Statements to communicate the value of an employee’s reward package. Many times employees will be unaware of their total rewards and be tempted to leave for another opportunity over just a few thousand dollars. That’s why it is important to present a crystal clear message of all you offer to your employees. In order to help attain full benefit of a total rewards statement employers should be sure to:
When executed properly, your Total Rewards Program can give you the competitive edge needed to recruit and retain top-talent while also motivating employees to perform at levels that meet your corporate goals.
How does your company communicate your Total Rewards Program to employees? Do you believe your program and your statements have an effect on employee performance? We’d like to hear from you so please leave us a comment and share with your colleagues.