Total Rewards help set benchmarks to make your organisation stand out during the talent shortage
A total rewards approach may not be the be-all and end-all solution for ensuring your organisation has the right information to set benchmarks to stand out in a talent shortage, but it could help organisations stand out from the crowd. HRD has partnered with Strategic Pay to publish a whitepaper that discusses the pros of the Total Rewards approach and what it encompasses as a rewards strategy.
Download the full FREE whitepaper here: Taking a total rewards approach to talent
What is a Total Rewards strategy?
A Total Rewards strategy brings together every investment an organisation makes in its workforce. Beyond base pay, it encompasses the benefits within the employment package and aims to give employees a voice and choice on the offerings and ultimately enhances the psychological contract between employer and employee.
Base Pay is still the foundation
Highlighting other aspects of the employment package does not mean that employees will forget about their base pay. Base pay remains the foundation on which the total rewards package is built, and it needs to be fair and equitable. While other rewards are growing in popularity, base pay remains the key consideration for employees joining an organisation.
The four elements of Total Rewards
Base Pay/Base Salary – Take home pay
Benefits/Fixed Remuneration – Kiwisaver, insurances, vehicle, phone, car-parking, memberships, extra leave
Variable Pay/Total Remuneration – Short- and long-term incentives, bonuses, and allowances
Engagement/Total Rewards – Values, training and development, alternative work, autonomy, mastery, purpose
Download now and gain insight into:
- How the Total Rewards approach works
- What employees want to know about their pay
- Sector differences in the New Zealand market
- Training and development opportunities for organisations
Download the full FREE whitepaper here: Taking a total rewards approach to talent
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