If pay were the only reason employees worked, only the highest-paying employer would have staff and no one would work at not for profits!
Employees look at more than just compensation when they consider a job offer or when they consider leaving your organization—they look at “Total Rewards”.
These are all the rewards elements of a job that impact an employee’s satisfaction with the job, and the key to find, keep and motivate more Right People on your staff.
The “Best Places to Work” are rated this way because they provide a Total Rewards package that employees find favorable.
A flexible and customized Total Rewards package allows your organization to attract, retain and reward top performers – which provides a competitive advantage for your organization.
Don’t just take our word for it!
According to Aon Hewitt’s global Best Employer report “research reveals how organizations differentiate and achieve a competitive advantage through their people. The benefits of being a Best Employer are well documented, from improved retention to increased productivity. Best Employers are distinguished by high levels of employee engagement, which results in lower turnover, larger talent pools, and better financial performance.
Organizations with high levels of engagement to outperform the stock market index with returns 22% higher than average; companies with low engagement had returns 28% lower than average.”
Link to full Aon Hewitt report on Employee Engagement
Consider more than your base pay:
Employers often look at compensation as the main (and most expensive) element to achieve employee satisfaction—but there is a multitude of research that the quality of manager- employee interaction is far more important to employee satisfaction and retention (among 11 other rewards).
For example, according to a recent study by the Total Rewards organization World at Work, recent college graduates rate pay as #5 in importance, behind opportunity, flexible work hours and a friendly work environment.
How do you find out if employees are satisfied with your Rewards—you ask them! The best way to measure changes in employee satisfaction and engagement is to conduct an annual Total Rewards survey. If you have different locations or shifts the results can be summarized to if there are any meaningful differences among groups of workers (there usually are). This allows you to provide a flexible Total Rewards package that appeals to different types of workers with different interests.
Contact us to receive a free article on the Total Rewards model, and process to identify employee needs and develop a custom and flexible Total Reward program for your unique organization.
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