September is a great month to honor your employees and refresh your total rewards benefits. What better way to celebrate Labor Day? Expanding your organization's complete rewards package can be inexpensive. But first, you should know what your employees want.
What Encompasses Total Rewards
There are four types of employee benefits:
1. Health and wellness benefits - healthcare
2. Financial and retirement benefits - pension and retirement
3. Time-off and leave benefits - sick and paid time off
4. Work-life balance benefits - wellness and fringe
Top 5 Benefits Employees Want (Forbes Advisor)
While prioritizing well-being has generally been found to be a top desire of employees following COVID-19, understanding the nuances of your organization and your talent is essential not to overgeneralize and miss the opportunity of remaining an intentional and transformative business leader. In a recent survey by Forbes Advisor, the benefits employees desired differed from the main benefits commonly offered by employers. These disconnects can negatively influence employee satisfaction and retention. Small and medium-sized businesses do not have to compete with large and global companies to attract, engage, and retain top talent. Therefore, small and medium-sized businesses have many advantages employees seek, which they should consider as their value proposition and leverage.
Top 5 Benefits Employers Provide (Forbes Advisor)
Employers have a monumental impact on their talent and business outcomes. Still, the heart of their influence is their organization's ability to strategically engage their internal stakeholders, their talent, with just as much enthusiasm as they utilize to engage their external stakeholders, their customers. When organizations and business leaders are strengths-based and strategic, the need to compete with larger companies with unnecessary or general benefits vanishes. Everyone wins.
Need help figuring out where to start?
AllProfitHR is ready to be your Human Resources Thought Partner. We facilitate personalized employee engagement and compensation studies to identify needs specific to your organization and talent.
About AllProfitHR
There is an easy way to facilitate critical yet personalized human resources services. An HR Architect can be the key to unlocking your business's next success level when needed and within budget.
AllProfitHR helps organizations experience transformational people and culture systems to create a culture of belonging for all. We are a 100% independent, minority, woman-owned HROD firm specializing in:
Diversity and Inclusion Strategy,
Strategic Human Capital Planning,
Performance & Total Rewards,
Change Management & Reengineering Development,
High Performing Talent Acquisition,
Organizational Development,
Leadership Development,
Life, Team, and Career Coaching, and
HR Advisory Services
Human Resources is more than meeting mandated regulations but defining and sustaining an organization's culture, allowing you to attract and retain high-quality talent. AllProfit HR recognizes the importance of inclusion and engagement in creating an impactful environment where employees grow and thrive.
It's an AllProfit type of season. Schedule a complimentary discovery call to see how we can celebrate Labor Day all year round. Let's chat.
Comment Below
What benefit do you value most at your organization?