Rewards Packages can say a great deal about an Employer
Please - Pass This On
The debate around Employer Branding moved on long ago from questions such as ‘where does financial reward sit’ as part of the EVP.
The short-hand answer is that it’s usually a ‘given’ and that ‘the market’ sets the level of reward for most organisations. But as all talent markets recover and salary inflation gradually returns, organisations will do well to remember that a Rewards package can say a great deal (or otherwise) about them as an Employer.
So how can you optimise your brand attributes without breaking carefully costed Comp & Bens costs? Here are 5 of the most ‘obvious’ areas of Reward that make any brand promise highly compelling:
- Management through Emotional Intelligences. Work can be a consistently challenging environment – and there’s nothing wrong with that. But having a Manager who leads rather than bosses and who genuinely looks to manage by the values of the organisation can be a reward in itself.
- ‘Individualising’ is inspiring. Having a company policy that gives everyone a day off on their birthday, or flexible benefits that can be tailored to their individual needs, says a lot about an employer.
- Remember that ‘Reward’ often means ‘Recognition’. Making sure that an Executive member of your organisation plays a part in Induction, that your internal comms engages everyone, that you showcase individual and team achievements: all of this is ‘Reward’ and very often costs virtually nothing.
- Wellbeing drives loyalty and performance. Feeling that ‘They Care’ can simply mean having access to good restrooms, or a visiting health advisor. It needn’t require the investment of a full-blown Employee Assistance Programme (though they are becoming far more common).
- Being allowed to take Ownership. A working culture where people feel empowered by and responsible for their business, their colleagues and their own development is potentially the greatest reward that many people will ever get in their professional lives. It’s the secret behind people retention and organisational development – and is most definitely a thread in the DNA of any EVP.
Please - Pass This On