Stand out from the competition
Make your business an attractive place to work and distinguish yourself from the competition!
Knowing what the priorities are when employees are choosing the right place to work can make a huge difference. It plays an important role and can attract the right talent and capabilities for your business.
Meeting the needs of these priorities and making sure your business stands out from the competition, can be supported through adopting the right reward strategy. Any size of business can introduce this, so don’t be misled into thinking it’s just for the corporate world! The practice of good reward can improve performance, something that’s important to most businesses and can help to develop and support your culture and employee empowerment.
Reward strategies whilst potentially powerful, typically tend to be a long-term, not a quick fix approach, to enable you to shape and embed them effectively into your business and support your business objectives. There are many trends and Total Reward isn’t something new, but how many businesses actually view this as a priority and a great business opportunity?
Firstly, lets establish what forms of reward strategies there are?
If you think it’s all about the financials, such as remuneration and costly benefits, you may need to think again? Of course, it will require some financials, but reward has a strong footing within the non-financials too. These can be offered in many ways such as through the trust given in a role that offers home-working, or a role that is challenging, both tangible and verbal recognition, also the work environment, such as a person’s seating outlook (window, light, fresh-air), refreshment facilities, the equipment available; people can get very excited to be working with the latest technology, so there’s fantastic scope to get behind your Total rewards with many non-financial rewards available that you can consider and adopt, the list is quite extensive.
The approach and model that you chose will be dependent on what works for your business and culture, and here are a few models that you may wish to consider.
A selection of Reward models and the business areas they can influence:
- Resourcing: A mix of money and non-financials: A Holistic approach and typically used to attract, engage and retain people and contribute to the success of your business.
- Transformation: A Contingency approach, looking for the ‘Best fit’ and uses your existing culture, work processes, structures and objectives to develop the rewards for the best fit.
- Policies & Practices: An integrative approach where rewards are directed by your policies & procedures.
- Goals & Objectives: Business strategy led that are driven by your business needs and rewards derive from the behaviours and values it generates, supporting your strategic goals and objectives.
- Employee Needs: A customised and flexible means to develop rewards that can positively influence your employees lifestyle, work-life balance and needs.
- Work environment: A People-centred approach and can be seen as source of sustainable competitive advantage, really focusing on what employees value in the total work environment.
How do you plan to stand out from your competition? Share your thoughts with us, info@changetoolbox and let others know how Total Rewards can positively influence a business.