NFP Compensation Insights | August 2023
Total Rewards for a New Era
The concept of total rewards is nothing new to the HR professional. But as the workforce evolves, especially after a pandemic, we are forced to view total rewards through a different lens. Compensation and healthcare benefits may have been good enough to attract and retain employees in the past, but that is no longer the case. Today’s workforce seeks a more compelling employee value proposition that hits on all the aspects they consider important.
In this month’s Compensation Insights, we dive into total rewards and explain all the elements of an effective strategy. The key takeaway is to know what is important to your employees so you can tailor your programs to ensure optimal results. We hope you find this information useful as you analyze your total rewards plan. As always, don’t hesitate to reach out to NFPCC for expert guidance developing a winning strategy.
By Matt Brown
In today’s dynamic professional landscape, the concept of compensation has transcended the conventional understanding. It is part of the holistic approach we know as total rewards. This comprehensive assortment of benefits and incentives extends beyond the monetary aspect, which has continued to be an upward trend over the last several years. This article navigates through the terrain of total rewards and emphasizes the most important strategic alignment requisites for catering to the expectations of the current workforce.
From Compensation to Benefits: 3 Ways HR can Unlock the Potential of Total Rewards
Employees today want more equitable workplaces, and they’re willing to leave their job to find an employer that offers what they’re looking for. Unfortunately, there is no silver bullet for creating an equitable workplace — it requires a multi-faceted approach. But one way to start is by investing in a total rewards program, which can help organizations attract top talent, foster a great employee experience, and secure a competitive advantage.
What Are Employee Total Rewards and Why Should You Implement Them?
Money isn’t everything — especially when it comes to attracting and retaining top talent. Sure, offering competitive salaries can make your business a more competitive employer, but compensation is just one of many factors that makes your company a great place to work. Benefits, organizational culture, office location, and other non-monetary offerings play a significant role in making your company attractive to prospective employees and fostering loyalty and dedication among your current staff.
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Avoid Undue Risks! Ensure Sound Pay Practices are in Place by Conducting a Compensation Risk Assessment
A compensation risk assessment by NFPCC can identify any problematic issues in your compensation plans that could possibly encourage excessive risk-taking, have a negative material effect on the company, or that are not in complete compliance with current regulations. With a multi-point, comprehensive compensation risk assessment by NFPCC, you can expect a complete picture of pay practices while:
- Mitigating Risk
- Avoiding Exposure
- Supporting Your Claims
- Ensuring Sound Pay Structures
- Maintaining SEC Compliance