March 1, 2022
by Abby S.
When we think of employee rewards, salaries and bonuses often come to mind first. However, in today’s workplace, a truly competitive Total Rewards strategy extends well beyond just pay. Organisations that excel in attracting and retaining talent understand that employees seek more than mere financial compensation—they desire growth, purpose, recognition and overall well-being. Yet, many companies overlook crucial elements that could make their rewards strategy truly stand out.
I am listing out five key insights that organisations may tend to miss when designing a Total Rewards programme:
1. Employees Value What They Understand
· Rewards lose impact if employees don’t understand their value.
· Benefits must be communicated, not just introduced.
· Clear messaging boosts perceived value.
· Unrecognized benefits go unappreciated.
· Overcommunication is key in dynamic workplaces.
2. One Size Fits None
· One-size-fits-all rewards don’t work for a diverse workforce.
· Employees need benefits that reflect modern life—parents, pets, fertility care.
· Flexibility in benefits drives engagement and retention.
· Personalization is key to a competitive Total Rewards strategy.
3. Culture is the Ultimate Reward
· Pay can’t fix a toxic workplace.
· Employees stay where they feel valued, not just well-paid.
· Recognition and transparency drive true engagement.
· Culture starts with leadership—leaders set the tone.
· Trust and support foster a thriving workplace.
4. Non-Monetary Rewards Often Yield Greater Returns
· Financial rewards alone don’t drive engagement and loyalty.
· Low-cost, high-impact incentives create lasting value.
· Career growth, mentorship, flexibility, and wellness matter…a lot!
· Intrinsic motivation keeps employees invested.
5. Compensation is a Narrative, Not Just a Figure
· Employees assess more than salary—purpose, growth, and well-being matter.
· A strong Total Rewards strategy paints a clear future.
· Clear communication fosters belonging and commitment.
Final Thoughts
A truly competitive Total Rewards strategy is about more than just pay—it is about creating an experience that aligns with employees' aspirations and supports their development. By focusing on education, personalisation, culture, non-monetary rewards, and storytelling, organisations can craft a rewards programme that not only attracts top talent but also inspires long-term dedication. How does your organisation approach Total Rewards? Are you making the most of your strategy? Happy to hear your views 😊 P.S: These opinions reflect my personal perspective.
#totalrewards #compensation #nonmonetaryrewards #culture #benefits #rewards #humanresources #HR #totalcompensation #ribigifts