Maslow's hierarchy of needs
Developing an effective total rewards strategy involves far more than simply finding out what the market is paying and shaping compensation and rewards programs accordingly. Rewards strategy must align with organizational strategy and culture to drive results.
A solid total rewards strategy satisfies the needs identified in Maslow’s hierarchy of needs. This concept refers to the idea that people are motivated by five fundamental needs.
Attracting top talent
A total rewards strategy that can potentially satisfy all the employees and helps an organization attract a diverse candidate base and makes the recruitment of new workers faster
Employee satisfaction and employee engagement
There is a strong potential for high employee satisfaction when employees feel they’re rewarded fairly. It also keeps them engaged
Improved business performance
When your organization can attract and retain talented employees, it is likely to achieve the organizational goals. Engaged, high-performing employees often result in top-performing companies
An effective total rewards strategy stimulates employee wellbeing, engagement, motivation, all of which are key for retaining employees
A total rewards strategy makes organizations more competitive within their industry by incentivizing excellence in performance
These are packages provided to employees to enhance their physical, emotional, and familial safety, such as health, dental, and leave plans, life insurance, and retirement plans
Employee well-being has become more critical for employers to attract and retain employees. Organizational cultures that value and promote employee well-being may be characterized by providing flexible working time & place or managing employee’s outcomes instead of time in & time out
This refers to pay (base and variable) that employers provide to employees in exchange for skills applied & qualifications earned. Compensation empowers employees to attend to their physiological needs. This includes different types of compensation, such as base pay, variable pay, stock options, and cash bonuses
For some employees, compensation, benefits, and well-being are insufficient to keep them motivated toward excellence in performance and loyalty. People want their achievements to be recognized
Employers who invest in employee development programs are investing in the self-actualization of their employees. These career development initiatives enable employees to advance within the organization
Source: Hay group
Starts from business strategy & HR strategy
Assess what you already have in place
Gather employee's feedback
Include the leadership
Identify your priorities
values & culture
Keep up with
Communicate total rewards to employees
Working shoulder-to-shoulder with you during the implementation plan
Our consultants with solid experience in both HR Consulting and in-house HR can work with you and tailor to your organization’s unique needs
We understand clients’ pain points in terms of people's issues
We provide blended coaching journeys
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