In today’s global marketplace, an employers’ competitive advantage sometimes comes down to the package being offered to potential employees. The war for talent is very real and very competitive. The best employers are able to attract the top talent by employing a total rewards strategy. While these strategies vary from organization to organization, generally they are comprised of six key components.
Let’s look at an example below.
Total Rewards Strategy to Attract Top Talent
1. Compensation
Pay provided by an employer to its employees for services rendered (i.e., time, effort, skill). This includes both fixed and variable pay.
2. Benefits
Programs an employer uses to supplement the cash compensation employees receive. These health and retirement programs provide security for employees and their families.
3. Work-Life Effectiveness
A specific set of organizational practices, policies and programs, and a philosophy that actively supports efforts to help employees achieve success at both work and home.
4. Recognition
Formal or informal programs that acknowledge or give special attention to employee actions, efforts, behavior or performance and support business strategy by reinforcing behaviors that contribute to organizational success.
5. Performance Management
The alignment of organizational, team and individual efforts toward the achievement of business goals and organizational success. Performance management includes establishing expectations, skill demonstration, assessment, feedback and continuous improvement.
6. Talent Development
Provides the opportunity and tools for employees to advance their skills and competencies in both their short- and long-term careers.
By incorporating a total rewards strategy into your organizations strategic plan, you can ensure that you are competing at the highest level for the best talent that is out there. For more questions about how we can support your human resources experience at your firm, please reach out to us for a consultation.
