With Organizations Designing and Implementing Total Rewards Strategies That Strike a Chord With Their Employees, We Take Into Account the Big Factors, Trends, and the Measures of Success that define Total Rewards in the Year 2017.
Jay Schuster and Patricia Zingheim’s 1992 book, The New Pay recognized that the traditional models of compensation do not serve the best interests of organizations and that there is a need to create pay programs and compensation strategies that support organizational success. To quote the flyleaf of this important book: “Traditional pay, although professing to reward performance is actually based on tenure, entitlement and internal equity. In contrast, the new pay practices help form a positive partner-ship linking employee and organizational performance and providing employees with rewards that correspond to their own success and that of the organization. Viewing pay from the total compensation perspective, new pay ensures the most effective use of each component base pay, variable pay (incentives) and indirect pay (benefits).”
Clearly, the idea that compensation goes beyond a certain fixed monetary pay, and instead comprises of an array of offerings — ranging from performance-based incentives to career growth opportunities – aka Total Rewards — is not new and has been around for some time now. However, the way organizations are looking at their total rewards offering as a tool to attract and retain the best talent has been going through modifications over the years. Organizations, both big and small are making considerable efforts in designing and implementing total rewards strategies that strike a chord with their target audience — the current and potential employees.
The big factors
Ernst and Young’s Total Rewards Survey of 2016 reveals that ‘Equitable fixed pay for work done re-mains the cornerstone of a successful rewards framework. And it is time for employers to recognize that compensation and benefits alone do not make up total rewards. Work-life effectiveness and talent development are becoming significant areas of focus for employees.’
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