Even organizations that embraceTotal Rewards programs to their fullest will find it eye-opening totake an inventory of everything that falls under theumbrella.

These days, it's not just traditional benefits like health andretirement plans, equitable pay structures and generous vacationtime that make the difference between a good job and a greatone.

It's the full package of what you offer that counts, and theintangibles carry more weight than you'd think in keeping andretaining people. It's in the culture you create, where people are supportiveat work and happy to be social afterward through sponsored outingsand company sports teams. It's in your openness to flexiblescheduling and working from home. It's in how you help people growin their careers, with programs to recognize their progress andmentor them, too.

It all resonates with more segments of your employee base thanyou might realize, and falls under the heading of “Total Rewards”,today's more comprehensive employee benefits philosophy andstrategy. If you haven't taken inventory of all yours, and gaugedhow well they meet the expectations and needs of today'smulti-generational workforce, there's no time like the present tostart.

Related: What “total rewards” areas are employers focusingon to recruit top talent?

Total Rewards programs are increasingly utilized amongemployers, but are not necessarily easy to successfully formulateor match to your employee culture. Building the foundation for abenefits environment that makes everyone happy—from newbie Gen Zsand the millennials that make up over half the workforce to thenot-yet-ready-to-retire Boomers—requires focus and commitment.

Only one in five employers has a fully integrated Total Rewardsprogram approach, under which every facet is holisticallypulled together, including the rewards strategy and programs, theirdelivery and their communication, for internal and externalaudiences.

Even organizations that embrace Total Rewards programs to theirfullest will find it eye-opening to take an inventory of everythingthat falls under the umbrella. It's easy to overlook benefits andtheir potential impact until you start putting everythingtogether.

Other standard offerings include health and wellness benefitssuch as dental plans, your Employee Assistance Plan (EAP) and,increasingly access to telemedicine services. Work-life balancebenefits are also important. Millennials especially, for example,are attracted to work environments that incorporate flextime, butother policies, from paid time off to employee concierge servicesare important to consider, too.

But other rewards can be easy to overlook, like those that speakto the culture of your organization and intangibles that can makeyou stand out. Recognition programs and service awards should beidentified in your inventory, along with tuition reimbursementplans and mentorships to guide career development.

So how do your Total Rewards program stack up? A World at Workstudy of U.S. employers showed the biggest 2017 usage gains inthree programs: EAPs (96 percent); non-EAP behavioral health plansthat cover addiction and psychiatric issues, for example (94percent); and employee outreach programs to promote wellness andwell-being. What declined? Outside seminars and conferences (93percent); formal performance reviews (91 percent); andemployer-issued or reimbursed cellphones (90 percent).

Regardless of how you stack up on these trends, what's moreimportant is how your employees feel about their Total Rewardsbenefits. While your utilization data will be a good indicator, besure to ask them which offerings are valued and which aren't.

If you're offering rewards that they don't need, want or careabout, the smart thing to do is let go and invest in somethingelse. It's the only way to reinforce an environment where therewards come from far more than just compensation.

Andrea Goodkin, SPR, SHRM-SCP, is executivevice president of human resources consulting services andLauren Slipkowsky, SPR, SHRM-SCP, is human capitalconsultant manager/director, both at global employee benefitsinsurance brokerage Hub International.

Read more: 

• 8 ways to make your benefits stand out from thepack
• How small businesses are staying competitive in atough recruiting environment
• 10 ways to reach job seekers in the digitalage