See how we can help with your total compensation management.
If you want to keep hold of your brightest talent, you need to reward them for their contributions to your business. And this doesn’t just mean in salary – it’s about extra financial rewards, benefits and work perks, too.
Giving back to your people keeps them motivated and loyal. So, it’s important you’re offering competitive compensation that keeps your best performers from looking elsewhere.
Your reward strategy determines how you compensate your people for their work. This includes all benefits, from basic payroll, bonus and commission structures, to perks like gym memberships and work- from- home opportunities.
But building your reward strategy isn’t as simple as it used to be. As the demands on businesses change and the values of employees continue to shift, businesses need to be agile with their reward structure
Fixed and variable rewards
Providing an agile combination of fixed and variable rewards helps you meet the demands of a diverse global workforce. This gives them the stability of a guaranteed paycheck incentivizing them through additional tailored rewards.
Rewards drive your people to deliver consistently high performance. In addition, it gives you the agility that’s key when negotiating with employees across your workforce.
Modern employees place more value than ever on non-financial rewards, like flexible working hours and work- from- home opportunities. For many, these are just as important as financial rewards.
It’s important you find a way to add these to your reward offering to help attract and retain the brightest talent. Intangible rewards often deliver the long-term job satisfaction that helps you retain your best performers.
Plus, they give your people the sense of responsibility, trust and appreciation that isn’t possible through financial rewards alone.
Flexible and agile
Your approach to compensation needs to be as flexible and agile as your business. Where you may have one team working on a sales-based commission structure or striving towards an annual bonus based on targets. Others may be engaged and motivated by flexible hours or remote working.
It’s not enough to offer blanket rewards across your teams. To beat the competition to the brightest talent – and keep hold of them – you need to offer the rewards they value most. And continue to innovate your offering as their needs change.
Employees also need to be able to see the monetary value of their total reward, as this comprises of salary and other benefits. That way employers and employees can make more accurate comparisons between company packages.
Building your rewards strategy
Avoiding an archaic rewards structure which fails to engage today’s talent requires you to truly understand what matters to them. What do your people value and how will these values change in the future?
You may find younger employees prefer to receive all their compensation through fixed pay right now. But later in their career, their priorities may switch to benefits like healthcare offerings or flexible working to fit around a family.
So, it’s not enough to offer a one-size-fits-all policy across your global workforce. Today’s diverse workers demand a comprehensive and fully flexible rewards offering.
You need to constantly review and adjust your rewards offering to make sure you remain competitive and meet the needs of your people.
Working with Alight | NGA HR
We work with you to transform your HCM practices including the systems your rewards offering interact with. Our experts ensure your HR systems manage the rewards your people value most, to help you stay best placed to attract and retain the brightest talent.
The innovation experts
Our team of HR and IT experts have their finger on the pulse of the latest HR trends and the systems that deliver them.
We help you deliver the most rewarding experience for your people, through leading HR platforms like Workday and SAP SuccessFactors.
Optimizing your systems
We help you roll out your SAP SuccessFactors and Workday compensation modules, so you can view, adjust and edit your total rewards budget and current spending.
Get a complete overview of your reward spending and make real-time adjustments to reflect performance.
Optimize your budgets and create the pay-for-performance culture that motivates your people to perform.
Plus, tracking spending data means you can plan for future rewards to make sure you remain competitive, motivate and reward key performers and retain your brightest talent.