Do Your Total Rewards Address What Your Employees Truly Value?

FromtheDeskoftheCEO

 

Competition for high-performing talent is fiercer today than most HR professionals have experienced. Attracting that talent is about much more than a paycheck. One way HR can help a business become more competitive is to get a clear understanding of the benefits, compensation and rewards your current and potential employees value most.

Total rewards play an important role in influencing recruiting and retention efforts. As ADP Research Institute has found, there is a “new prioritization” among employees that extends beyond the typical rewards package of a salary and a few perks. Employees today want a “complete” package that “aligns with their personal values, redefines what job security means, prioritizes their well-being and encourages flexibility.”

That may seem like a tall order, but for HR professionals who understand the importance of engaged employees to the success of an organization, it should be a no-brainer. Employees who feel valued not only are more loyal and productive but also are more motivated and excited about their work and can become your organization’s greatest champions in recruiting and retention.

When looking at your pay and rewards package, also consider that half of the respondents to ADP’s People at Work 2022: A Global Workforce View said they would trade a pay cut for work-life balance. Importantly, however, many believe that the pandemic has led to them contributing “unpaid overtime” of as much as 8.5 hours per week … so, salary remains an important part of the package.

Understanding what employees want in today’s job market is the first step toward creating an attractive total rewards strategy for your organization. People are your biggest differentiator, and the stakes are high to get this right!

Keep on Learning!

 —Amy Dufrane, Ed.D., SPHR, CAE

HRCI CEO 

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