Reward and Recognition! Both are equally important!
Here at Appointments Personnel, the notion of ‘total reward strategy’ is not a new concept. We talk to clients about ‘direct currency’, as in monetary pay, but we also dig deeper into all aspects of work that are valued by employees. More of us are valuing learning and development opportunities and/or an attractive working environment, and flexible working in addition to the wider pay and benefits package. We can use this information to provoke interest with the right candidates.
With pay opportunities tightening, we’re finding that many more employers would benefit from exploring ways to sell their roles, culture, and other benefits to new recruits. That’s all fine and good when you’re already doing some of this work, but for others, it means a real shift in thinking and communication. As a starting point, managers can brainstorm ways to recognise employees by simply asking them how they would like to be recognised or praised. You may be surprised at the diverse responses and that recognition doesn’t need to be monetary or complex.
We’ve packaged up some takeaways for you to consider.
Consider the total reward package!
When employees scour job sites and carry out salary comparisons, these are only guidelines, but employees may also not consider the total reward package. A salary is only guaranteed when offered and accepted and may not be indicative of the advertised salary.
Career development and work-life balance are important to over a quarter of today’s workforce. Consider the example of someone who may earn 10% lower than an equivalent employee in a similar company, but who can work at home two days a week, saving a total of four hours commuting time, and the costs of travelling and car parking. That could easily negate the salary differential.
Praise employees, there are several benefits…
Whilst those who receive praise and recognition tend to be more productive, there are also other benefits. Some will be very personal to your type of industry or environment but keep them handy when it comes to reviewing performance. For example, if employees are happier in their work environment and feel appreciated we often see other benefits. You may see your customer loyalty and customer satisfaction scores increasing if employees are in a customer-facing role. More satisfied employees working in a warehouse, or manufacturing plant may give you better safety records and fewer accidents on the job.
Recognise the helpers
Every business needs more team members who support others and go the extra mile. A powerful way to create a culture of helpers is to point out this behaviour in emails, one-on-ones, and team meetings. Whatever you promote and draw attention to tends to happen again.
Work out total job cost
Add up all the costs per employee, from holiday, pension, NI, sick pay, bonuses, share option schemes. This will help send out a positive message about ‘total reward’ – the full scope of pay and benefits which your employees enjoy. Your employees will appreciate that they are paid more than they realise.
Sell the ‘whole work experience’, not just pay
It’s not just that employees perform better when they know what’s expected of them and how well they will be rewarded, but if you know you pay lower than other companies, ask yourself why your employees stay? Are there other elements of the company they are happy with, apart from pay? When companies can’t offer more pay, your role is to sell the whole work experience, so offer time off, development, coaching, secondments, and other benefits.
Get in touch with our experts if you want to know more about how we can help you to navigate through rewards and benefits you can give your employees to boost candidate interest.