At a time when Companies are still struggling to provide pay increases for employees, what are the alternatives to ensure engagement and retention of talent within the business.
For many people, choosing an employer, going to work and performing at the highest possible standards is not just about how much they get paid. Pay is important, and certainly people need to feel they are earning a fair and sufficient wage, but increasingly it is the total reward package which is being taken into consideration.
When considering total reward, it is not only the typical transactional elements such as pay, bonus and pension which are taken into consideration, but the relational rewards such as the culture and ethos of the organisation, the learning and development opportunities available and the flexibility of work design i.e. the ability to work from home, work part time or work 10 days in 9.
Employees want to feel valued; they want to be recognised when they have done a good job rather than being scorned for something that has gone wrong. They appreciate and value access to new opportunities, but don’t want to feel they have been taken advantage of. Employees want to be able to contribute in a positive way and feel their opinions are valued and carefully considered when changes are being made.
As the economy starts to recover, employers need to recognise that the most attractive of their staff are the top talent and there is a risk of losing these people if they are not getting what they want and need from your organisation.
Every employee has different motivational drivers. It is vital that organisations understand what each individual needs and what the business must do to recognise, incentivise and reward each employee. Line managers have a vital role to play throughout the organisation. From recruitment to retention, line managers need to engage with their staff, understand their ability to contribute, empower them to do so and ensure that reward and recognition is appropriate.
For companies who need to compete for and retain top talent, creating a culture of Total Reward is essential to the long term success of the business.