Using a Total Rewards Strategy скачать в хорошем качестве

Using a Total Rewards Strategy

As an integral part of your talent management program, total rewards strategy drives acquisition, advancement, retention, recognition, goal incentives, and performance. Understanding the workforce segments within an organization and the best approach to staffing is a key ingredient to creating a competitive business advantage and building a total rewards program that will resonate with the workforce. A balanced approach to total rewards—one that acknowledges the needs of the business, the aspirations and demographics of employees, the local culture, and the current and future cost constraints—is both essential and challenging. Strategic total rewards mean that organizations must consider the external influences on their workforces, such as the countries in which they operate, to provide rewards that will be meaningful to each group of employees. Typically, there are four perspectives an organization should seek to understand when it wants to identify reward strategies that will be meaningful to employees while aligning with the broader business strategy: Employer perspective. Conducting discussions with key organization leaders is important for understanding how the reward programs should be structured to secure the desired workforce outcomes. Employee perspective. Focus groups can help you understand the value employees place on their reward package. External perspective. Benchmarking compensation and benefits is an important activity in understanding the value of the rewards package being offered to employees. Internal cost perspective. At the end of the day, organizations want to do right by their employees. However, they need to balance what they offer with what they can afford. A global workforce of the future is one that demands that an employer invest its leadership, time, and budget in building a customized total rewards program that considers fairness and sustainability—but most important, engagement. An employer willing to make this investment is one that understands how a total rewards program can evolve with the times and create a sustained competitive business advantage.