Total Workplace Rewards

Total rewards can be just as important as a paycheck. Rewards give regular or mundane work a kick. Solutions Manager, Maggie Wenthe, says that every good company should have engagement tactics and wellbeing programs. Employees will know what the company offers and realize the benefits to them. The employee's perceived value is greater with an adequate total rewards system. She warns employers to be conscious of cultural differences and tailor your brand to fit throughout each culture. Some symbols and colors amongst other things have different meanings throughout society and therefore be culturally sensitive. 

Picture from Biggies

To find out what employees really want and what motivates them a company can improve communication with teams. They can use quick surveys to follow upcoming and changing trends. Through informal and small groups they can easily see what is motivating to employees and what is not working. The practice of keeping staff involved and valued works to attract, motivate, and retain talented employees. 

Investing in employees is investing in the company. Healthy and happy employees are more engaged and productive. It's not just about going to work and bringing home a paycheck, it's everything surrounding your financial, spiritual and emotional wellbeing. Bringing those elements into the workplace is more holistic and well-rounded. It's not just a job it's your life and where you spend a good portion of your time. 

Picture from Legacy Bowes

Total rewards programs need to be promoted, and employees at all levels should be buying into the idea and are right in front working it. The program should also be sponsored, making it even more worth is and dynamic to the people involved. Helios HR, tells us what a total rewards package might entail. You can look for compensation, benefits, work-life balance, performance recognition and career pathing opportunities. 

• Compensation: Fixed pay/variable pay and short-term/long-term incentive pay.
• Benefits: Health and welfare plans, pay for time not worked, retirement, FLMA, worker's comp, and unemployment.
• Work-life balance: Flexibility, paid/unpaid time off, health and wellness, community programs, caregiver, and cultural programs.
• Performance recognition: Service, retirement, managerial, performance rewards, the employee of the year, appreciation meals, and employee suggestions programs.
• Career opportunities: internships, assignments, promotions, tuition reimbursement, conferences, and leadership training. 

The World at Work outlines the benefits of implementing a workplace rewards systems through research that has been conducted. These types of rewards increase morale, improve service, and increase productivity in a company. Employees feel supported. Both the company and the rewards program should be a balance to benefit each other and keep everything operating and flow smoothly.