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
Salary isn’t the only type of compensation employees should receive. As is with most companies, in addition to their salaries, employees receive health and dental benefits, paid leave, and retirement benefits.
However, not all get dedicated rewards system, and the greatest example of these benefits include Unilever employee benefits.
Employees of the workplace have
access to employer-provided insurance, like life insurance or disability
insurance. Some employers provide more unusual rewards, like tuition
reimbursement, etc.
Most of the employers are now providing
total rewards statements to show employees the value of all their compensation.
These statements are important for
any business that has employees and the human resource department is the one that
is usually in charge of the total reward statements for employees of a company.
For organisations, there are many
reasons to create these total reward statements.
●
To help employees understand their compensation
As an employer, you know exactly
how much you are spending on your employees’ compensation. However, for the
employees, it is harder to fully understand or have access to this information
at all.
Employees see the highly visible
parts of their compensation, as their salaries. Every time employees of your
organisation receive paychecks, they get a reminder of the salaries they are
receiving.
Other types of compensation are
much less visible. By providing total rewards statements, you can clearly show
your employees the value of their various types of compensation.
●
To improve employee morale
When employees of your
organisation receive total rewards statements, they can see how much money your
company is spending on them.
The employees who feel they
are underpaid will realise that they are being well-compensated. Being
underpaid or the feeling of being underpaid is a major cause of job
dissatisfaction. By showing employees of your organisation the real value of
your compensation packages, you can boost their morale.
●
To retain your employees
Insufficient pay or unfair pay
practice are the top reasons why employees quit and resign. Employees who don’t
know the value of their total compensation feel like they are being paid
unfairly, even if they are being paid competitively.
With total rewards statements,
you can show the employees of your organisation the truth about their
compensation. This clear cut communication helps to improve retention in your
company since employees who feel fairly compensated have less incentive to look
for new jobs.
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