The world over, one of business’ greatest challenge is staff retention. Achieving a balance between increasing staff costs and retention of talent is of critical importance to their on-going competitiveness. Another challenge is having a true understanding of what motivates and drives the engagement of employees. Research shows that while there is a strong connection between financial rewards and engagement…it is most certainly not all about the money.Business’ see the importance of educating the workforce to see beyond Compensation and Benefits and look at other aspects of the Employee Value Proposition (EVP). This approach focuses on Total Reward, not individual elements.
However, one size certainly does not fit all, and business’ need to gain a true understanding of their unique employee needs and wants. Having done so, the company is then well underway to creating a tailored Total Rewards package. By understanding their employees, certain companies are taking a creative approach to working conditions, career development, work-life balance, CSR and employee recognition.
These employers are beginning to see the fruits of their labour – in addition to an ever improving employer brand, they have an increasingly engaged, retained workforce without the associated spiraling employee costs.
The Reward and Compensation & Benefits area both in Ireland and on a global level is an interesting HR space to watch as it evolves and changes in keeping with economic and employment trends.