Total Rewards
HR
A total rewards package contains many different elements that are meant to compensate employees, in some way, for the time they spend on the job. Companies are unable to follow a specific plan because different industries have different needs, but every company can use a total rewards system to make sure that they have the best employees and are able to keep them. However, there are issues with this system and solutions are just beginning to come to light.
Some, even in the total rewards community, continue to believe that compensation in the form of monetary rewards and simple benefits should be enough to satisfy employees and keep them engaged. Unfortunately, this is not true. A benefits package that includes such items as a comprehensive medical plan, some type of retirement, and other monetary rewards is not enough to make productive employees out of even the best workers. Research has shown that employee satisfaction (and therefore productivity) is not engendered by giving simple monetary compensation for their efforts. People want to feel that they are a part of a caring employer that also rewards them intrinsically. This means, employees respond better if they are engaged in the worksite rather than just expected to perform for monetary compensation.
Thus, the fix to this problem is to expand rewards programs to include all manner of creative compensation elements. Many companies have begun using flexible scheduling for their employees. Others have added in-house daycare or nap rooms which help substantially with productivity. Human resource departments need to think creatively about the compensation that employees receive because employees want to feel a part of something larger than just a place to work. If they do, the company will be rewarded.
HR Total Rewards Programs
Introduction
For many years the belief was the compensation was the most important aspect of the total rewards package (Carlton, Anderson, Johnson, Longton & Lulli, 2011). According to research the thought was that a worker would be willing to endure the rigors of a difficult job or work environment if they were compensated at a high rate. If the compensation package, which included benefits, was enough to make the person's personal life meaningful, it would matter less that the job was less than desirable. This was the case in many occupation types where there was a great deal of travel, danger, or the potential for difficult assignments. The research indicated that employees agreed with this tactic at one time (Hsieh & Chen, 2011), but times have greatly changed what employees want from a job.
The fact that people are much more willing to job hop now than they once were (people remaining with the same employer has fallen dramatically in the past 25 years (Hsieh & Chen, 2011)) echoes the change in what young people believe is a good job experience. Generations X and Y are more interested in a job experience that allows them to be more creative, and an employer that demonstrates their feelings of employee worth in more ways than just monetary. Employers are also aware that employees are more than willing to seek other opportunities if their present job is not what they want. Even the present financial and job crisis has not stopped this. People are also much more willing to seek other types of jobs than those they were specifically trained for.
The issue of changing from a strictly compensation-based paradigm to one in which employers realize that employees want more out of the job experience has been happening for about a decade not, but many employers find it difficult to change. The fact is, employees also find it difficult to actually ask for what they want. In today's environment, employers need to be creative in their total rewards packages to draw the best employees to their companies.
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