Corporate Retirement Plan Advisors
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A good total rewards program helps you attract and retain the best possible talent for your organization. Add a great workplace culture and environment and you could be on your way to becoming an employer of choice among job-seekers.
A total rewards program is adopted by a company that provides benefits for its employees including:
However, the playing field has changed with the COVID-19 pandemic.
We’ve gone from record employment to record unemployment. That should make it easier to recruit top talent, right? It might—but only if your benefits are up to the challenge.
First, confirm that your pay and benefits are competitive. Compensation is the first step in preparing a comprehensive total rewards program; however, it is not the whole picture when it comes to winning those all-star candidates.
According to Deloitte’s 2019 Global Human Capital Trends survey, perks and pay aren’t what matter most to many employees—it’s personalized rewards that help meet their needs. Furthermore, only 11% of companies in Deloitte’s survey felt their rewards strategy was highly aligned with their organization’s goals.
What does this mean for you? You might have some gaps to fill between the components of your total rewards program and employee needs. And since the survey was conducted in 2019 before COVID-19 appeared, your future employees’, and thus applicants’, needs are evolving.
Here are five important benefits you might want to include in your total rewards program during this work from home (WFH) new normal:
If there are opportunities for improvement, work with your HR and benefits teams to discuss ways to adjust benefits within the program. It will take some planning, but it could be worth the effort if it means being the employer of choice for top talent. In considering changes:
Top job seekers are not only looking for a good salary but also excellent benefits. To recruit the best, you have to be the best, and part of that is having an outstanding total rewards program.
To learn how your retirement plan compares to other similar firms, contact us to discuss a benchmarking report.
 Deloitte Insights, “Employee Rewards: What Do Employees Value Most?” 2019.
 Kathryn Mayer, Human Resource Executive, “8 benefits employers should zero in on during the COVID-19 pandemic,” March 24, 2020.
 U.S. Bureau of Labor Statistics. “Private industry workers with sick leave benefits received 8 days per year at 20 years of service,” March 8, 2019.