total rewards

Integrate employee rewards into the Total Reward framework

Total rewards framework includes several employment factors like benefits, compensation and work life facilities that can be strategically applied together to get the desired employee attraction, retention and motivation. Most employers around the globe see great value in integrating employee rewards into the total rewards framework. The basic of total rewards is about retaining employees and their financial performance. Top talent internationally cites total rewards as vital to their job and enthusiasm levels. It is also seen that enhancing employee perception of total rewards impacts effort, motivation and Intent to Stay. It is crucial to establish a compelling total rewards framework and it is not enough to just communicate without a strategy.

Organizational success is driven through better talent attraction, engagement and retention but typically companies are not as overt as they can be when defining the reward framework. Having a balanced total rewards framework is especially vital in the present economic environment where companies have to measure people cost, behaviors and productivity cautiously to make sure that their objectives are stated clearly and aligned with business. Intent and design, no matter how considerate, will not be successful if they are not set on a strong foundation.  An integrated total rewards framework is advantageous for the employers as well as the employees.

-by HiFives

Published by

HiFives Team

HiFives is a global software-as-a-service platform for employee rewards and recognition. The HiFives team partners with its clients to understand, design and deliver employee rewards and recognition program through the HiFives platform incorporating industry best practices and thought leadership.

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