With an uncertain economy, shifting workplace expectations and the ongoing rise in inflation, it's hard to know which stressor is the most impactful.
You can see it from countless sources of data…more and more employees are unhappy and looking for something better. Whether they are looking for more money or flexibility, employers aren't keeping up with their needs.
Of course, organizations are struggling too. They face all the same economic challenges as their workers – but with a twist. Their employees are distracted, worried and stressed – and unable to be as productive as they could be. And at the same time, they are trying to find ways to attract new talent to replace employees who leave.
Although many leadership teams don't know where to begin, organizations already have a wealth of information available that they can use to boost employee productivity and support employees who are struggling financially. Those that understand their employees' struggles and support those needs outside the workplace will see improved productivity and success inside the workplace.
Boost employee wellbeing with a total rewards strategy.
An integrated total rewards program is a comprehensive benefits strategy designed to include all aspects of employee compensation, both the financial and the non-financial aspects, that attract and engage employees to the workplace and create a fulfilling and motivating working environment.
A total rewards program consists of these components:
- Trust in the data. For some organizations, a rewards strategy is just another line in the budget. When organizational leaders use the data they have to determine appropriate offerings for their employee base – and to implement meaningful rewards – it changes the game. This creates a foundation for employees to trust the organization to watch out for them and their needs – which creates employee loyalty and increases productivity.
- Offer personalized benefits. The right benefits offering is an integral component of a total reward strategy. A strong program supports the whole employee by offering a flexible, data-driven mix of compensation, wellness benefits and work-life balance initiatives tailored to the needs of the employees.
- Align rewards with employee performance. Effective incentives are aligned with clearly defined performance metrics by role and business unit. When the expectations and the rewards are clear and visible, employee engagement increases – and so does productivity.
- Focus on communication. This is a great opportunity for People and Culture teams to work with internal Marketing teams to drive curated total rewards communication to the employee segments present in their population via channels they engage with. Employers with a well-communicated plan drive higher engagement.
Top strategies to enhance the total rewards strategy
For organizations that are using total rewards to increase engagement and productivity, consider these strategies:
- Focus on immediate needs. People who are living in stress are motivated by their basic needs. With so many Canadians struggling to keep up with the cost of living, be sure you work with the Total Rewards Hierarchy of Needs to structure your plan. The most common necessities today include employee spending accounts to cover everyday expenses like gas and groceries. It may also be a good idea to provide access to digital tools that offer financial coaching and education around managing money and making financial decisions.
- Leverage the existing data. Your Human Resources Information System (HRIS) already contains a wealth of data – all you have to do is use it! Analysis tools can help you to segment your employee base to better analyze workforce demographics and create individualized compensation plans that address the needs of different employees in the workplace by creating a Quality Employee Experience (QEX) for everyone.
- Open the leaders' doors. When employees feel valued by their organization, anything is possible. One of the best ways to support this is by increasing accessibility of the leadership team. Offer employees opportunities to have one-on-one conversations with the leadership team. Encouraging open, authentic conversation supports connection and drives productivity.
- Consult your advisor. While HR leaders are familiar with their employees and their current offerings, they may not always know the right ways to support and engage employees through hard times. Work with a benefits expert or other advisor to understand alternative options, explore other solutions and bridge the gap between data, strategy and people.
Ultimately, organizations that learn to operate well during times of financial hardship will emerge as stronger and more resilient – and they will retain their loyal, productive employee base precisely because they sought to take care of those employees with a program that supported and rewarded them when they needed it most.
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