Last year, during a lull in the pandemic, businesses experienced one of the most unexpected Total Rewards trends in recent memory.
Does your company offer an amazing employee experience? Before 2021, most HR leaders would have answered yes. But then The Great Resignation happened, which caused many employers to question the fundamentals of their HR strategy.
With the worst of the pandemic behind us, many businesses are moving out of survival mode and into a new phase of growth. These companies are making plans to expand their current teams with new hires – and many of them are hitting a brick wall.
Do your people feel adequately rewarded for their contribution? It's a question that keeps many HR managers awake at night. Often, you may not realize that there is a problem with your Total Rewards strategy until it's too late, and disaster strikes.
I’ll never forget the first time I got a Total Rewards statement. I remember looking at it and thinking, “The benefits I get from these people are worth HOW MUCH?!” At the time, I was just beginning my HR career, still working to understand the difference between an FSA and an HSA, so seeing all of these benefits at once blew my mind. Looking back on that moment with years of HR experience, I know that this was not a good thing. Let me tell you why.
Leaders spend a lot of time worrying about making their salary structure competitive, and with good reason. Compensation is key to employee retention. If the guys in the opposite building are offering a 20% pay bump, then your employees are going to feel sorely tempted to cross the street.