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...
Employers are aware of the fact that to retain high performers, they need to offer a competitive salary that adequately reflects the business climate of their industry.
But what else do you as an employer
can offer as incentives to keep talented individuals on board? There are plenty
of companies present in the market offering a total reward system to
businesses, however, choosing one among the bunch of available options can be a
challenge.
It is strongly recommended to do
proper research and get in touch with a reputed company that has been in the
business for years offering efficient reward solutions to businesses.
A total reward system is
something that is implemented by a business that provides monetary, beneficial
and developmental rewards to employees who achieve specific business goals.
In recent times, more and more
businesses are implementing a total reward system in their organisation for
retaining high-performing employees.
The following are some of the
components of a total reward system that you can implement in your
organisation.
●
Compensation
Compensation packages often
include base salary but there are also other factors you can consider working
into your pay system, such as short-term or long-term incentive pay. Both
function admirably to draw in and ceaselessly persuade top performers who are
confident in their abilities to exceed expectations.
●
Recognition
Employees always need to feel
that their hard work is being appreciated and of course crucial to your
company’s ability to achieve organisational goals. Making an
"acknowledgment culture" in which the board regularly gives explicit,
real, and timely feedback.
●
Benefits
Similarly, as a refresher, your
benefits package ought to include leave of absence, sick and bereavement leave,
and of course get-away time. Obviously, it will likewise incorporate the
lawfully ordered least necessities like Medicare, unemployment, and social
security. Offering an attractive benefits package can help you as a business to
set apart from your competitors and round out your total rewards system.
Choosing the right employee engagement platform is the most important thing for any organization. SOS is India's one of the leading Digital Employee Engagement Platform offers employee engagement activities and games for remote teams.
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