HR Essentials Series: Part 8: HR Best Practices: Creating Your Rewards Culture

HR Essentials Series: Part 8: HR Best Practices: Creating Your Rewards Culture

Entrepreneurs often think of benefits as something unaffordable, unattainable and unmanageable when starting out. The truth is having an attractive benefits and rewards program is affordable at any stage of your business. If you want to attract and retain the best, benefits and rewards MUST be part of your total compensation strategy.

Here are some statistics from a 2018 survey compiled by AccessPerks that support the essential need for benefits and rewards:

o   Retention (72%) and recruiting (58%) were the top reasons for increasing benefits (SHRM)

o   79% of employees cited a competitive benefits plan as an influencer, and 77% cited cost (Wellable)

o   78% of workers would likely remain with their employer because of the benefits it offers, up from 72% in 2016 (Willis, Towers, Watson (WTW))

Benefits and rewards like any part of your HR strategy should align with your business strategy. Your benefits and rewards also enhance or detract from your culture. Some best practices to using benefits to your advantage include:

  • Selecting the benefits and rewards that work best for your business and employees

  • Exploring cash and non-cash incentives

  • Reviewing market trends to enhance attraction and retention

Follow our series on Medium HERE

HR Essentials Series: Part 9: HR Best Practices: Designing Company Culture

HR Essentials Series: Part 9: HR Best Practices: Designing Company Culture

HR Essentials Series: Part 7: HR Best Practices: Leveraging Recruitment vs Talent Acquisition

HR Essentials Series: Part 7: HR Best Practices: Leveraging Recruitment vs Talent Acquisition

0