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 matters 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.
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1The NBRI Circle of Excellence Award is bestowed upon NBRI clients meeting one or both of the following criteria: Total Company score at or above the 75th percentile of the NBRI ClearPath Benchmarking Database and/or improvement of five (5) or more benchmarking percentiles in Total Company score over the previous survey.
2Scott Hanson (2011, 2012, 2013, 2014, 2015 & 2016) and Pat McClain (2012, 2013, 2014, 2015 & 2016). Barron's© magazine is a trademark of Dow Jones L.P. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices.
3As of 08/20, Allworth Financial, an SEC registered investment adviser and AW Securities, a registered broker/dealer have approximately $9 billion in total assets under management and administration.
4Barron’s 2020 Top 100 RIA Firms. Barron's© magazine is a trademark of Dow Jones L.P. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices.
✢Scott Hanson, Investment Advisor 2005, 25 most influential people in the financial services industry. The ranking reflects 25 people who Investment Advisor magazine believes have had or will have the greatest influence on the financial services industry.
✼Pat McClain, InvestmentNews 2014, Invest in Others Community Service Award, presented to an advisor who has made an outstanding impact on a community through managerial contributions to a non-profit organization.
†Financial Times, FT 300 Top Registered Investment Advisers, June 2019. The ranking reflects six areas of consideration including the company's years in existence, industry certifications of key employees, AUM, asset growth, SEC compliance record and online accessibility and calculates a numeric score for each company.
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