Today’s new hires aren’t just looking for a higher salary. They’re interested in your total rewards program, the whole package. Total rewards programs include a number of offerings that are considered to be of value in the employment relationship, such as:
- Base and variable pay
- Group insurance, including voluntary options like dental, life, etc.
- Paid time off
- Recognition programs
- Training and career opportunities
How well are you expressing to current and new hires just what your total rewards program is worth? Many employers provide detailed total compensation statements that show the cost of all compensation and benefits they provide, what’s also known as a “hidden paycheck.” These tools are extremely important for recruiting and retention in a competitive market, especially since different benefits may have different values and importance to each individual.
The Top Five Total Rewards Priorities Survey, conducted by Deloitte Consulting and the International Society of Certified Employee Benefits Specialists (ISCEBS), surveyed HR professionals from all across the world to assess their views and opinions. Despite the difference in the various political and cultural climates, over a third expressed that their top challenge in the coming years will be to find, motivate, and retain top talent.
Other challenges they cited included the rising cost of offering benefits, being able to afford pay increases while also trying to reduce costs, navigating through uncertain economic conditions and regulatory requirements, and providing meaningful total rewards to their employees. When asked about changes they planned to implement over the next 12 months, here were their responses:
- Increasing health and wellness initiatives (43 percent)
- Assessment and/or redesign of overall rewards strategy (40 percent)
- Alignment of rewards program with organization strategy and brand (34 percent)
- Differentiation of rewards by employee groups (workforce segmentation) (23 percent)
- Differentiation of rewards by business unit (14 percent)
- Reducing overall total rewards spending (8 percent)
To make sure your total rewards program is effective, consider putting together a team to assess your current benefits package and how it helps your company achieve its goals. If it isn’t, then maybe it’s time to give us a call. We can help you implement or enhance a total rewards program that best meets your needs.
For the complete results of the ISCEBS and Deloitte Consulting survey, visit: www2.deloitte.com/us/en/../top-five-rewards-survey-2014.html