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
Total reward statements are crucial for enhancing benefits options and improving employee retention. Employers use Total Reward Statements for explaining to employees the actual value of their pay and reward package. This includes basic pay, bonus, overtime, pension contributions, health benefits, conveyance allowances, etc. It is crucial to let new joiners know all the components of their salary at the beginning to avoid any confusion afterward. Total Reward Statements are provided annually by employers to employees in an organization. How to use Total Reward Statements at Your Workplace? Employers can use Total Reward Statements as part of an effective and feasible communication strategy that is essential for increasing employee awareness and appreciating their total reward. The statements can be used at the workplace for various reasons: ● Helps to boost employer’s ability to attract, recruit and retain the best talent. If you focus on creating and highlighting