Skip to main content
Employee Recognition

Beyond Paychecks: Why Total Rewards + Employee Recognition = A Modern-Day Strategy for Success

By January 15, 2024February 22nd, 2024No Comments

woman with money

Attracting and retaining skilled employees is an ever-evolving art form but beefing up your Employee Recognition efforts and partnering them with your Total Rewards strategy is a sure-fire strategy for success. 

There are so many resources, outlets, and trends that influence the working class and the workplace culture they create. As a business owner or HR professional, you have the inevitable choice to roll with the punches and adapt to the ever-shifting ground beneath your feet, or continue with the status quo and ignore the fallout

And we’re not just talking about compensation. Your company culture is created and nurtured by many different elements but the main source is the employees. Sure, offering “competitive compensation” is a great way to get new hires through the door and on the full-time payroll but then… how do you keep them? 

We’re so glad you asked! 

In 2023, Mercer surveyed over 1000 US employers regarding their Total Rewards strategies, including compensation and benefits. Based on the results, almost 50% of them determined they needed to revisit their strategies and made plans to allocate more time and funds to areas like employee wellness, culture building, and training and development. 

So, while the paycheck definitely matters, when it comes to attracting and retaining employees for the long-term, it’s clearly not all about the Benjamins

It’s time to ditch the “Field of Dreams” mentality that if you pay them, they will come (and stay).

Exploring the powerful duality of Total Employee Rewards bundled with Employee Recognition is like upgrading from a black-and-white tube TV to full-blown IMAX for your workplace experience. So, strap in because we’re about to drop some gems to help you level up your retention game and keep your valued players on the field. 

Total Rewards Unveiled – We’re talking benefits, perks, and all the cool extras that keep employees smiling

Sure, everyone loves a hefty paycheck, but have you ever considered how health benefits, flexible schedules, and cool office perks can turn an ordinary job into a job-they-love situation? 

In a standard, full-time role, an employee spends 40 hours each week (plus travel time if applicable) at work. With a total of 120 hours in the 5-day work week, that’s essentially one-third of their weekdays entrenched in work. Of course, they’re getting paid to do said job, but what if they could actually be more empowered, more engaged, and more productive, all while still earning their paycheck?

From gym memberships to work-from-home Fridays, Total Rewards is all about adding those extra sprinkles to the career cupcake. Because happy employees aren’t just productive bots that show up each day – they’re workplace unicorns that everyone wants to keep around.

So, let’s explore the magic beyond the paycheck and discover how these extra goodies are the real MVPs in the world of employee satisfaction and retention.

metrics discussion

Source: Pexels

Employee Recognition – Spread the Love – Why saying ‘thanks’ matters – the impact of recognizing great employees

Effective Employee Recognition turns a regular 9-5 job into a workplace where people feel valued and appreciated. We’re not talking about handing out gold stars and participation trophies here. It’s about acknowledging the hard work, creativity, and dedication your employees and colleagues bring to the table each and every day.

From shout-outs in team meetings to annual awards ceremonies, a formal recognition program can be the key ingredient to boosting morale and creating a workplace that feels more like a supportive community than just a weekday grind. 

Mix & Match: Total Rewards + Employee Recognition – Why this powerful duo is a match made in workplace heaven

Merging two individually amazing things like Total Rewards and Employee Recognition is like fusing chocolate with peanut butter or the perfect coffee with that extra shot of French Vanilla. These two elements complement each other like the perfect power couple, creating a workplace synergy that’s really tough to beat.

And this isn’t just our hypothetical theory – we’ve seen a ton of real-life examples of companies acing this combo and reaping the benefits. These strategies intertwine to make the workplace not just a paycheck provider, but a space where people genuinely enjoy what they do and feel appreciated for their hard work.

Why It Works in the Modern World – How it boosts company culture and why that’s crucial today

Total Rewards and Employee Recognition aren’t HR trends that are going to fade out in a few years. They’re the real deal Holyfield in the modern world of work because we’ve entered an era where employee expectations go beyond a consistent paycheck. 

People are seeking workplaces that understand the importance of work-life balance, personal growth, and a positive and empowering atmosphere. This is where our dynamic duo comes into play because the modern workforce craves a workplace that’s more than just a standing desk and an ergonomic chair. Integrating Total Rewards and Employee Recognition is about aligning with the needs and desires of today’s employees, making your company not just a pass-through job, but a career stop they’re excited to grow with.

thank you scrabble tiles

Source: Pexels

How to Get Started (Because You Totally Can!) – Practical tips for implementing Total Rewards and Employee Recognition

First things first, take a deep dive into understanding your employees’ individual needs and preferences. Conduct surveys, hold one-on-one conversations, and collect their RecognitionDNA to get a clear picture of what perks, benefits, and forms of recognition would truly resonate with your employees. 

Next, take a look at revamping that benefits package. Add in a healthy mix of holistic healthcare options, more flexible work schedules, and some of the other ideas that come from the data collection process above. You may find that 25% of your male employees would prefer paid paternity time over a gym membership. Or that – based on your workforce dynamic – pet insurance is more important than family health coverage. When you tune in to the employees as individuals vs. an industry standard, these simple adjustments can make all the difference.

Now, onto the recognition game. Establish a simple yet impactful system that celebrates wins, big or small. Whether it’s a shout-out in the team meeting or a virtual “kudos” wall, make sure everyone’s efforts get their moment in the spotlight. And do not discount the power of consistency! Making these strategies an embedded thread in your company fabric rather than a random or one-time event creates an environment where your team members always feel valued, motivated, and ready to conquer Monday (through Friday) mornings with a smile. 

Cheers to Success – The ongoing journey – why this strategy is a continuous improvement celebration

Now that you’ve implemented these strategies, let’s raise a virtual toast to success! *clink* But how do you measure actual success in this domain? Sure, the smiles and warm and fuzzy feelings are important, but we’re talking about tangible metrics that showcase the impact of Total Rewards and Employee Recognition on your organization. 

🗸 Start at the ground floor – gather feedback directly from the team using anonymous surveys, casual chats, or a dedicated suggestion box. Direct employee feedback helps you to understand how these strategies are hitting the mark and where your areas for improvement are.

🗸 Dive into the numbers –  check turnover rates, onboarding, absenteeism, and job satisfaction scores. A happy team is a “sticky” team, after all. And don’t forget to monitor engagement levels too – it’s a solid indicator of how well your crew is vibing with the new approach. 

🗸 Chart your progress – tracking the numbers will help you design relevant metrics that show your progress, where you’re lacking, and what’s not working. As you make adjustments, you’ll be able to monitor their effectiveness and drive the culture more efficiently from the inside out.

And last but certainly not least…

🗸 Celebrate the wins! If you see positive shifts in these metrics, shout it from the rooftops (or at least in the next team meeting). Tracking success is more than just collecting numbers when you’re creating a workplace where everyone feels like a valued part of the journey.

**Pro-tip: Keep an eye on recruitment numbers – if word gets out that your company offers competitive pay and isn’t shy about appreciating its employees, your inbox may be blowing up with resumes from qualified applicants, just itching to work somewhere they’re valued.

In the world of Total Rewards and Employee Recognition, remember – creating an awesome workplace is an ongoing gig, not a one-hit-wonder. So, take these practical tips, sprinkle in a dash of your unique creativity, and write your own tune. Whether it’s upgrading benefits, launching a recognition program, or a combination of both, the goal is to build a workplace where people don’t just work for the paycheck but thrive because they feel seen, heard, and appreciated.

Leave a Reply