As our to Total Reward Week, in association with Aon, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.
The Covid-19 (Coronavirus) pandemic forced many organisations to make difficult decisions regarding their future. While some implemented pay freezes, pay cuts or furloughed employees, others had to permanently reduce their headcount. Now, as the economy and businesses start to recover, certain sectors are struggling to find staff and are looking to total reward to attract and retain top talent.
A total reward approach, whereby individuals are given full breakdowns of their pay and benefits packages, can boost awareness among employees of the value of what is being provided by their organisation, as well as increase their appreciation of what’s on offer.
However, in a post-pandemic world, employers must understand that for many people their priorities have changed as they have adapted to new ways of working, and pay is no longer necessarily top of the list for employees. Greater flexibility and extra time off work, for example, can form part of a more holistic offering.
In addition, while a total reward approach can be instrumental in talent acquisition, it’s also important that organisations ensure what they provide is fit for purpose, meets the needs of their workforces and is aligned to business priorities. And, of course, their offering needs to be effectively communicated. It’s a combination of these actions that will ensure people remain engaged and committed to their employer, thereby allowing the organisation to retain key talent in the long term.
Whatever stage you are at and however you implement total reward strategies in your organisation, this week was designed to help take this to the next level through exclusive insights and opinions uncovering best practice in this area. These included:
- What are the benefits of personalising total reward statements?
- How can employers strike the right balance between financial and non-financial rewards?
- Should employers use total reward to attract and retain the talent they need?
- UK Power Networks demonstrates value of employment through total reward statements
- Sir Robert McAlpine motivates staff with total reward approach
- Advanced adapts its total reward strategy to meet employee needs
- Professor Alex Bryson: Has the pandemic changed how to motivate employees?
- Jeff Fox: The future of total reward and what businesses need to do today
- Charles Cotton: Total reward can help attract and motivate staff in a turbulent job market
- Infographic: Total Reward in numbers