This Executive Action report explores the downside of ineffective communication of compensation and benefits programs, highlights the benefits of embracing the total rewards concept, and offers tips for building effective communication campaigns.
Document Highlights
Total rewards encompass all the tools available to attract, retain and motivate employees, including base pay, bonuses, health care benefits, retirement plans, career development, work/life balance, relationships with co-workers, and decision-making authority.
Used effectively, total rewards motivate employees to go the extra mile, as opposed to simply being paid to do a job. But the best-designed program will fall short of meeting the organization’s strategic goals if it is not communicated properly.
Communication: The Key to Maximizing Your Total Rewards Investment offers a checklist to help employers get the most out of their total rewards dollar:
- Reinforce alignment with business strategy
- Ensure integrity and transparency
- Engage stakeholders early on
- Establish the ‘brand’
- Mix your media
- Develop on-line total rewards statements
- Maintain momentum
- Don’t underestimate the role of the manager
- Measure the impact—conduct an audit
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