Rethinking the total rewards model at work

With the reality of work changing so drastically since the outset of the COVID-19 pandemic, it’s likely time to take a good look at the way that employees are compensated too. Before the outbreak of COVID and the transition to fully remote or hybrid roles, employees have different needs, and increasingly, they’re seeking roles where those needs are met. Gone are the days when a simple combination of compensation, benefits, and a path upward on the corporate ladder suffice to make a happy employee. In today’s highly varied job environment, with uncertain economic conditions on the horizon, it’s not only time to reexamine the relationship between the employer and the employee, but the rewards an employee has to gain from choosing to work at a given organization.

As the labor market continues to tighten, organizations are feeling the need to pull out all the stops in order to attract the best talent in their given fields. For example, this could include offering a talented employee who ideally fits a role but isn’t located close to any local offices of an organization the opportunity to work from home, save for a few trips into the office a year. In addition, attracting younger employees who might have entered the workforce during the lockdown of the COVID pandemic might take some more concessions on the part of the employer. Some tactics here could include built-in mentorship programs to help along advancement through the organizational ladder or providing them with the financial security to get themselves settled in the workforce.

There’s still a great deal to monitor on this front, but the writing on the wall is pretty clear — if today’s organizations want to attract the best talent, they’re going to need to think beyond just a paycheck and paid time off. Today’s employees want an employment package that will benefit not just their wallets, but their entire selves that they bring to work each day.

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