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EB Live: Achieving success in terms of total reward requires a balance act
Employee benefits live 2024: Total rewards programmes are an investment in employees. Aaron Lloyd, lead for total rewards – people services, Birmingham City Council.
Lloyd, who addressed delegates at a session entitled Will your reward-and-benefits strategy stand the tests of time?, discussed the importance of a balance between cost effectiveness, benchmarking and talent retention and attraction, as well as diversity, equity, and inclusion.
Lloyd said that a total rewards program is an investment in your employees. He said that finding ways to optimize spending and get the best return on your investment was a necessity. “Salaries, benefits, saving plans, and other programs you offer employees to support them should all reflect the things that matter most to the talent they need. Encourage the mindset of working to live instead of living to work.”
Employers must ensure that total rewards are tailored to the workforce. This can be done by profiling or measuring their demographics, and moving away from an all-in-one approach.
Lloyd says that as your workforce grows more diverse, it is important to provide more flexibility.
He added that a digital platform, which is well launched and communicated, will help to make a program successful by allowing employees to tailor their benefit needs to their individual circumstances.
Lloyd explains that it is important to promote and explain total rewards statements to employees at all stages of their careers.
He continued to emphasize that, because employees are frequently told about their overall reward package when joining an organisation, messages must be repeated continually to ensure staff are fully informed of their overall rewards proposition.
Lloyd stated that “total reward statements, continuous employee engagement and communications are sure-fire methods to achieve the best return on investment.”
Employee Benefits Live 2020 will be held at ExCeL London from 8-9 October.
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