Employers are adding holistic benefits and introducing programs designed to improve employee satisfaction with effective and appealing total rewards programs.
A Total Rewards strategy is an approach that organizations take to structure and manage employees’ compensation and benefits programs, encompassing both financial and non-financial incentives. It considers the needs and expectations of the workforce to provide them with positive experiences, mitigating turnover and bolstering engagement.
There are 5 key elements to a successful Total Rewards strategy:
Contact us today to strategize ways to make the most out of your employee benefits plan.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.