Total Rewards
A Total Rewards package can drive performance management success. An employee's Total Rewards benefits typically contain compensation, benefits, work-life flexibility, performance, recognition, and growth and development. How an employee is paid is called compensation. Most employees have a typical mindset when it comes to their salary. There are multiple pay strategies that provide cash incentives and encourage retention. Some include fixed pay, variable pay, short-term incentive pay, long-term incentive pay, etc. Some benefits that are included in an employee's Total Rewards package include health, dental and vision insurance along with retirement savings plans. The key when coming up with an employee package is to offer above-average benefits if you want to stand out. Flexibility is very important when it comes to your employee. You should make sure the employee has flexible schedules, be able to work remotely, paid time off, support to care for family members, and community volunteerism opportunities. When leaders understand and work with their employees flexibility, they will benefit in the talent market. Employees perform well because they want recognition and feedback. Coaching employees throughout their time with you by setting goals and rewarding their accomplishments is a best practice. Lastly, you have to help your employees grow and develop. Whether you are helping them to grow as an individual within your career, supporting their subject matter expertise, or encouraging their interests on a personal level, employees will always appreciate the help.
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