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Total Rewards Programs: What You Should Include to Land Top Talent
These days, it takes much more than a desirable salary to attract top talent. It is becoming increasingly apparent that a benefits package can make or break a job offer. In fact, in a recent study, 80% of respondents said that they would prefer a job with benefits over one that has a significantly higher salary and no benefits package.
This is why Total Rewards Programs are increasingly popular in the job market. These packages are meant to attract and engage top talent, offering them more than the basic health insurance and sick days any company will offer them. And with many industries experiencing talent shortages, a Total Rewards Program could be the deciding factor for a desirable candidate with several offers on the table.
So what exactly could a Total Rewards Program entail? Here are some options that could work for your organization.
Flexible Work Options
Flexibility is something especially popular among the younger generations in the workforce. It could allow employees to set their own hours, or even work remotely if possible. This is key to any employee who wants to achieve a balanced lifestyle. It allows them to get their tasks completed on their own time, which increases motivation and employee satisfaction.
Summer Fridays and generous vacation time could also factor into your Total Rewards Program for similar reasons.
Recognition and Appreciation Perks
Many employees are motivated by recognition and appreciation. Let them know from the start of their career with you that you will not only recognize their successes, but also celebrate them. Set specific goals or milestones, and let them know that some sort of reward awaits once they hit that mark. This could be a monetary reward, additional vacation days, or something else that works for your organization. Whatever the prize, make sure the employee’s success is acknowledged and appreciated.
According to one of our recent surveys, flexibility of rewards and benefits is increasingly important to employees. We have discovered that a "one-size-fits-all" approach does not meet the requirements of all generations employed in the workforce. A tailored, unique benefits package is much more attractive to employees, specifically those in the younger generations.
In order to accommodate and allow for this kind of package, a suggested approach for employers could be to develop budgets with a maximum cost per head. There are various platforms available with different reward and benefit partnership options that can target the preferences and/or needs of their population, ultimately giving control to employees. Reach out to your existing networks and see what's possible within your existing budget. You may also be able to take advantage of trial options with vendors in order to find a balance that works for your organization before making an investment.
Generous Parental Leave
Parental leave has always been a hot topic in the business world. Show your employees that you value them and support their families by offering generous time off for new parents, with job security included. If they rush back to work after welcoming a new addition, they could return distracted, stressed, and ineffective. This benefits no one. So, make sure that all employees take the time they need to establish a new norm for their family.
To ensure that your policy is as inclusive as possible, allow all of your employees – regardless of their gender identity – to spend significant time with the new member of their family. You should also clearly state that the policy covers families who are adopting.
These are not the only options available if you want to build out a Total Rewards Program for your business. To discuss this and other ways to attract top talent, reach out to our expert consultants today. You can also submit a job description here.