Welcome to Total Reward Week in association with Aon Employee Benefits.
This dedicated week is designed to bring you exclusive insights and opinions, uncovering the latest trends and best practice around total reward in the workplace.
There is no doubt that a clear and comprehensive total reward strategy can have a significant positive impact on attracting and retaining staff, as well as on employee engagement and performance. However, organisations must look beyond traditional pay and benefits to initiatives such as flexible working in order to keep up with the changing times.
Employers are increasingly recognising the value of investing in this area, with the Chartered Institute for Personnel and Development (CIPD) and LCP’s Reward management survey, published by in November 2018, revealing that 97% of the 568 managers polled are planning to either maintain or increase their total reward spend in 2019 and 2020.
Organisations would also do well to benchmark their total reward strategy to ensure it remains fit for purpose, which might be tricky when looking beyond pay and benefits because various components of the reward strategy are often owned by different people within the business. Selecting the right peer group for benchmarking and accessing the data may also prove difficult, but the exercise will pay dividends when it comes to helping plug any gaps and shaping any necessary changes to a total reward strategy.
Whatever stage you are at and however you implement total reward strategies in your organisation, Total Reward Week is designed to help take this to the next level.
New and exclusive articles will be published every day, so make sure you do not miss a moment of Total Reward Week.
Kavitha SivasubramaniamEditorTweet: @kavithasiva_EB
