The Value of a Comprehensive Total Rewards Strategy
May 14, 2021
By Linda Olejniczak, courtesy of SBAM Approved Partner ASE
To say things have changed in the workplace is an understatement. Make sure your benefits and programs have kept up. Here are total rewards trends to consider for your organization this year.
According to the benefits and compensation advisory firm First Person Advisors’ blog, 70% of full-time workers in the U.S. are working from home during COVID-19, and 80% expect to work from home at least three times per week after COVID-19. How does this effect your compensation strategy? There are several approaches to determining pay for your distributed workforce:
- Set remote worker salaries in line with salaries at company headquarters (or reporting office).
- Set remote worker salaries in line with where the employee lives.
- Set remote worker salaries in line with a national average.
- Set remote work differential.
Mental Well-Being Focus
There is startling statistic that employers can’t ignore: one in every five U.S. adults are struggling with mental health. This means increased costs for the employers and the potential for those employees to have a chronic disease. Make sure your benefits package includes a wellbeing component and that your workforce knows what is offered and how to use it.
Work Environment, Communication, Engagement, and Resources
Work from anywhere is now a reality. You may be writing a plan for what your work environment will look like in the future, but organizations who want to reopen successfully will need to not only redesign their environments but revamp communication and engagement and invest in resources that support your entire workforce. What is the new norm? What innovative solutions should be implemented permanently?
Diversity, Equity, and Inclusion (DEI)
If you are one of the many employers who do not have a DEI strategy or need to figure out how to keep your initiatives going, now is the time to focus on DEI and make it part of your everyday culture. Check out ASE’s DEI Resources page.
Total Rewards is a concept that describes all the tools available to an employer that may be used to attract, motivate, and retain employees. It should be designed to value employees and show them monetary and non-monetary benefits.
- Work-Life Flexibility
- Performance and Recognition
- Growth & Development
With the right total rewards package, you can attract and retain high performing talent to drive your organization’s success today and in the future.