Article: How to design the right total rewards strategy?

Benefits & Rewards

How to design the right total rewards strategy?

Total reward programs that support, engage, enable and focus employees have to keep up perhaps even leap ahead to sustain success in a competitive global economy.
How to design the right total rewards strategy?

The term “Total rewards” has been in the HR lexicon for well over a decade. But most of the time organizations have focused more on discussing than implementing the concept. However, the strong global competition in the market among organisations, have driven a surge of interest in applying “Total rewards strategy” in designing and delivering workforce programs. 

Total rewards system is typically a package of rewards that demonstrates the dynamic relationship between the employer and the employee. The six elements of total rewards that collectively define an organization's strategy to attract, motivate, retain and engage employees are Compensation, benefits, work-life balance, recognition, performance management and talent development.

Talking in-depth about “Total rewards strategy”, People Matters organized a tweetchat on “Total Rewards: Working towards an aligned & an engaged workforce” which witnessed a potpourri of thoughts and ideas from an amalgamation of many venerable adepts from the HR world. Take a look at the tweets below to get an idea of the enriching session.

Q1.     What are the basic elements that are responsible for an aligned and engaged workforce?

Q2.     Is your total rewards strategy changing with the needs of the workforce? If yes how?

Q3.     What are the key points to refrain from while putting up a Total Rewards strategy?

Q4.     How will you find a right reward strategy for your organization?

Q5.     What would be your one advice for those taking their total rewards strategy to the next level?

The tweetchat ended with an invigorating discussion by all the speakers.

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Topics: Benefits & Rewards, #TotalRewards

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