Does Your Total Rewards Strategy Do This?

Total Rewards Strategy

Does Your Total Rewards Strategy Do This?

Many HR professionals spend a great deal of time on their company’s total rewards strategy. The objectives of their efforts can range from broad goals such as driving motivation to specific ones, like reducing turnover costs by a certain percentage. Whatever your company’s goals are, creating a strong total rewards strategy can probably help.

Because each company has unique goals, however, the approaches to total rewards can vary significantly. While your benefits and perks may indeed be largely dictated by the specific desires and needs of your employees, there’s one benefit that seems to work well across the board: growth opportunities.

Giving Employees Room to Grow

Huffington Post recently published an article citing the significant role that rewards play in driving employee motivation. The article states that one of the most effective ways to reward employees is by helping them connect with a purpose and providing opportunities to grow both personally and career-wise.

Emphasizing Growth: A Win-Win

According to Recruiting Division, growth potential is a major motivational factor that drives engagement. The key to acing employee development is to provide opportunities for your associates to grow in a way that also supports the growth of your business. Align your corporate goals with your employees’, and you’ll be on the right track towards supporting continuous growth for both parties.

Factoring It into Rewards

 ERE Media states that 70% of learning should come from on-the-job experience, 20% should come from others, and only 10% should come from courses or materials. In a way, that’s good news – you may not have to dedicate as much of your rewards budget towards training, courses, and other resources as you may have originally thought. (Of course, those resources should still be made available to employees when applicable.)

What’s perhaps more important, however, is getting employees involved with their own development plans, and providing mentorship opportunities. Offering a mentorship program as part of your total rewards program is a creative way to facilitate strong connections among employees, create succession planning, and provide ample development opportunities.

HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. For more information on our Total Rewards Software, REWARDview, click the button below!

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