How are Companies Modifying Benefits in Total Rewards Programs to Address the Varying Needs of their Employee Population?

Abstract

[Excerpt] A strategic total rewards program can be used to attract, motivate, and retain employees and generate superior business results. However, while organizations spend an estimated 31.7% of total compensation on benefits, some 60% of firms report having low engagement. Therefore, there is pressure to invest strategically to drive the employee experience. With the increasing diversity of employee populations, as well as the demand for tailored, cafeteria-style benefits, many companies have discovered that a one-size-fits-all approach to rewards is inadequate. This summary will outline how innovative rewards address the needs of these populations.