The new year is an opportune time for organizational leaders to review their total rewards and benefits. Reviewing corporate benefits allows organizations to ensure they are building a sustainable and stellar culture of belonging for all.
Let's explore total rewards, why a mid-year review is critical, how to conduct a mid-year review, and how partnering with AllProfit HR as your strategic business ally can help you transform your business while engaging employees to achieve more substantial impact.
What Are Total Rewards Benefits
Total rewards encompass all elements employees value beyond compensation, including healthcare, work-life balance, career growth opportunities, recognition, and more. A holistic approach is critical to the organizational workforce strategy and employee lifecycle, encompassing attracting, retaining, and engaging top talent.
Employees who were not engaged or actively disengaged cost U.S. organizations about $1.9 trillion in lost productivity. - Gallup 2023 Employee Engagement Poll
Why Conduct a Mid-Year Review
Reviewing your strategic workforce development plan mid-year through an intentional assessment allows you to:
Boost employee satisfaction and retention by addressing emerging needs.
Ensure market competitiveness through evolving industry standards.
Optimize cost-effectiveness to benefit both employees and the bottom line.
Allow adequate time to renew, vet, and seek new contractors or explore expanded options for your organization's corporate benefits before open enrollment.
Conducting an Effective Mid-Year Review
Effective reviews incorporate:
Anonymous surveys and focus groups to gather insights,
Benchmarking to remain competitive, and
Data analytics to identify the most valued benefits.
The AllProfit HR Difference
At AllProfit HR, we aim to build a sustainable and stellar culture of belonging for all. Our mission is to transform businesses while engaging employees to achieve a more significant collective impact. We help organizations:
Define a solid cultural foundation
Evolve an inclusive leadership dialogue
Inspire big-picture transformation towards equitable workplaces
We bring extensive human resources and organizational development expertise to help design holistic, total rewards strategies tailored to your unique business needs and goals. And it's more affordable than you think!
Special New Year Offer!
Start your journey towards an optimized total rewards strategy with 20% off new AllProfit HR engagements. This discount is a limited-time chance to elevate your strategy and become an employer of choice! Schedule your free consultation with AllProfit HR to strategically align your total rewards program in 2024!
Share Your Thoughts
Total rewards play a vital role in employee satisfaction and organizational success. Join the conversation on the transformative power of total rewards. Let's reimagine people-centered workplaces where everyone profits - personally and professionally. Share your thoughts below.
What's the most valuable non-monetary benefit you've experienced in your career, and how has it positively impacted your work life?