Employees rarely understand the full value of their compensation package until you educate them.
Major elements of a total compensation/rewards package:
- Social security
- Worker’s compensation
- Health insurance
- Career paths
- Work week
- Flexible schedules
- Work/life balance
- Sick leave
- Office, title, and recognition
- Meaningful work
- Great colleagues
- Good boss
- Working conditions
- Tools to do the job
How you balance these elements and how you communicate their value, determine your success in both hiring and retaining employees.
- Review, identify, and value the elements of your total compensation/rewards package.
- Design packages that are market-driven to attract and retain employees.
- Recommend policies and practices that serve your organization and the work/life needs of your employees.
- Design career-development programs.
- Recommend and execute communications programs that reinforce the value of your total rewards to your staff.
- Recommend performance and recognition programs to acknowledge and reward exemplary individual or team performance.