Employees are looking for more flexibility at their workplaces rather than concentrating only on salaries and benefits packages. Because of the disruption due to COVID, people want to retain flexible working hours, health benefits, and a good number of vacation days. Above all of that, workers are more serious about motivation and empathy than ever before. If you treat your employees like a part of your family, they will deliver you stellar performance and don't think of leaving your organization. You have to be flexible and bring changes in the work processes to synchronize with the changing business needs. Flexible rewards for employees help you to unlock true potential and provide a phenomenal total rewards experience. Let’s look into the Total Rewards Components that need to be revamped for a better experience. 1. Pay: Companies are becoming more flexible in providing compensation benefits and hikes in salaries. In today’s scenario, the achievement of team goals and honing...
Every company needs a strategic reward system for employees that addresses four important areas – compensation, benefits, recognition and appreciation. The major issue with reward systems in many companies in recent times is this: They are missing one or more of these elements and the elements that are addressed aren't properly aligned with the company's other corporate strategies. An effective reward system among the bunch of various employee reward products should recognise and reward two types of employee activity – performance and behaviour. Performance is the simplest to address because of the direct link between the initial goals you set for your employees and the outcomes that result. For identifying the performance as a business owner, you can easily implement an incentive plan or recognise your top sales people for attaining periodic goals. On the other hand, rewarding employees for specific behaviour that makes a real difference to your company is more cha...