There are many factors to consider with transitioning to total rewards, but the 5 listed should provide a strong starting point. (Photo: Shutterstock)
Benefits and compensation plans are evolving in the workplace as the workforce and nature of work continues to change in light of digital trends, employee expectations, and the need to meet those expectations while keeping costs in check.
Vendors and consultants are continually developing new ways to deliver those benefits to their clients. They tout the opportunities for cost savings, operational synergies, and improved employee perception which in turn improves attraction and retention.
Companies can be tempted to take the plunge and transition from a siloed approach to a holistic one, often titled “total rewards“: a benefits approach that encompasses health, retirement, well-being, compensation and more recently employee experience.
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