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Total Reward: Why You Should Consider The Bigger Picture For Employee Compensation

Updated: Feb 17, 2023

Total Reward is an essential part of any employer’s toolkit for attracting, motivating and retaining employees. It is a holistic approach which takes into account all the elements of pay and benefits that an employee values.


Offering a competitive Total Reward package can help an employer to:
- Attract the best talent
- Motivate and engage employees
- Retain key staff

Total Reward is not just about financial compensation. It also includes other elements such as time off, development opportunities, company culture and more. When designing a Total Reward strategy, employers should consider the needs and preferences of their employees.


By offering a Total Reward package that meets the needs of their employees, employers can ensure that they are attracting and retaining the best talent..


Why do employees like Total Reward?

There are many reasons why employees may like working for an organisation that offers a Total Reward package. Some employees may appreciate the competitive salaries and benefits that are offered. Others may appreciate the opportunity to have a flexible work schedule or the ability to telecommute. While others may just appreciate the company's commitment to employee development and career growth.


Total Reward packages can be a great way to attract and retain top talent. Employees who feel valued and appreciated are more likely to be engaged and productive. So if you're looking to create a workplace that attracts and retains the best employees, consider offering a Total Reward package.


Why businesses should embrace Total Reward methodologies ?

A Total Rewards Approach is an approach to employee compensation and benefits that encompasses all forms of rewards that an employee may receive in exchange for their contributions to an organisation. This includes but is not limited to financial rewards (such as base pay, bonuses, and commissions), as well as non-financial rewards (such as recognition, development opportunities, and work-life balance programs).


Total Rewards methodologies have become increasingly popular in recent years, as businesses seek to attract and retain top talent in a competitive market. There are many benefits of implementing a Total Rewards Approach, including:


- Increased employee satisfaction and engagement

- Reduced turnover

- Greater alignment of employee and business goals

- Improved ability to attract and retain top talent


If your business is not already using a Total Rewards Approach, we encourage you to consider doing so.


Conclusion


In conclusion, Total Reward is a comprehensive approach to employee compensation that should be considered by all businesses. By taking into account all the different forms of compensation, businesses can create a more motivating and effective work environment for their employees. If you would like to learn more about how your business can incorporate an inclusive Total Reward strategy, please give us a call or fill out the contact us form.

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