|Taking a progressive perspective, an organization’s total rewards should take into account its philosophy, realities, uniqueness and the opportunities available- both intrinsic and extrinsic.
The Business Challenge: Meeting Employees’ Rewards Expectations
Rewards go far beyond a pay cheque yet few organizations are able to fully identify and articulate these to their employees, which is important for attraction and retention. Equally important is the ability to place a value on the rewards in order to ensure that they are aligned with the organization and sustainable. Understanding their own total rewards offering will help organizations make better strategic decisions about how they wish to reward employees and the importance of each component, including base compensation, to their employees.
Total Rewards can be defined as an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment.
Total Rewards Defined
Components of total rewards include:
- Wellness programs
- Performance and recognition programs
- Individual development and career opportunities
- Social activities
- Flexible hours
- Tools and resources
By understanding the needs and wants of it’s current and prospective employees, along with the organizations’ needs and abilities, an organization can construct the right mix in its employee value proposition. An effective total rewards strategy increases attraction to an organization and positively influences employee satisfaction, engagement and productivity.
The Solution: Stratford Total Rewards Review
Our Total Rewards consultants will review your total rewards offering with both a short-term and long-term focus, based on all the parameters that uniquely define your organization.
By being mindful of your strategic objectives, we will help you set the appropriate rewards policies and objectives for today and potential progressive steps thereafter.
- A progressive and proactive approach to deepening employee engagement.
- Skills to adapt and manage their careers in a changing business environment.
- Preservation and opportunity to extend the use of acquired organizational knowledge.
- A path of change that can be individualized and adapted to one’s own strengths, interests and current place in their career.
The Total Rewards Review Process
Stratford Managers will work with you to:
- Identify all of the components of your total rewards. Beyond the obvious monetary rewards, we will probe into the non-monetary and intrinsic rewards.
- Understand your organization’s total rewards philosophy and long term strategic objectives for total rewards.
- Identify your organization’s opportunities, constraints, and realities.
- Evaluate the effectiveness of your current total rewards offering.
- Make recommendations for your total rewards that will support and be aligned with your organization.
- Develop a total rewards strategy and plan.
Our Human Resources services bring your organization highly skilled and experienced consultants with a proven track record of success. To discuss how we can help you with your total rewards, contact our HR team today.