The fiercely competitive job market presents numerous challenges for employers. In particular, businesses who employ frontline workers face the reality that’s transformed over the last few years. Did you know that only 29% of employees feel understood by HR? That’s nearly three-quarters of your workforce that doesn’t feel listened to or understood by their employer.
More than ever, it’s vital for employees to know their employers care about their holistic well-being, or else they’ll find a new place to work. At this point, 80% of employees prefer a job with benefits versus a job that offers a 30% more salary with no benefits. That’s a telling statistic.
That fact is that employers need to think about how they can separate themselves from other businesses. The statistics don’t like: shaping how employees feel is positive for businesses.
via Gartner Insights
One way that companies can stand out amongst a limited pool of qualified candidates is the adoption of a total rewards approach – a holistic compensation and benefits package that extends beyond a basic paycheck. This comprehensive rewards program provides a distinct competitive advantage.
To kick start things for you, we’ve compiled three helpful strategies to create a total rewards package. These tips are designed to assist employers in implementing an effective total rewards strategy for attracting, hiring, and retaining quality employees.
Strategy 1: Identify the Gaps in Your Current Total Rewards Packages for Employees
In order to create an effective approach, you must understand the current landscape and offerings. A common mistake employers make is overlooking the specific needs of workers. Are you thinking about the unique traits of the workforce you employ when you design your programs? Identifying the gaps in your existing benefits is the first step toward creating a more attractive rewards program.
For instance, consider the challenges faced by restaurant workers who constantly seek better opportunities due to the competitive nature of their specific industry. Are they fully aware of the benefits your company provides? Are there any unmet needs in their total rewards packages for employees? These are essential questions to ask yourself.
Frontline workers are often enduring dynamic, fast-paced environments – and their needs are very different from traditional office employees. To have a consistent understanding of employee wants and needs, consider implementing regular surveys or other ways to gather feedback. This approach allows you to collect valuable insights directly from your employees – and those can be used to bridge the gaps found in your current rewards package.
For these types of programs, it’s not only about what you think workers need, but what they genuinely desire.
Strategy 2: Design an Employee Perks Strategy
Once you’ve pinpointed the gaps in your existing employee perks, focus on designing a strategy tailored to your workforce. Remember, don’t blanket your workers into one size fits all. Every organization and its employees are unique – your total rewards program should reflect this.
Consider the range of employee perks and fringe benefits you can offer, specifically thinking about frontline workers. These could include health and wellness programs, flexible schedules, and financial wellness solutions. The most important thing to remember is that it’s about making your workers feel valued and supported.
- Health and Wellness Programs: In a post-pandemic world, health and wellness has become and remained top priorities for workers. Consider offering health insurance, mental health support, gym memberships, or wellness challenges to keep your workforce healthy and engaged.
- Flexible Schedules: Many frontline workers juggle multiple responsibilities (and potentially multiple jobs). Providing flexible scheduling options allows them to balance work and life effectively.
- Financial Wellness Solutions: Financial stability is crucial. Innovative solutions like Earned Wage Advance can provide employees with the flexibility to access their earnings when needed – a huge reduction to financial stress. Reloadable pay cards empower workers to manage their finances conveniently, without the need for traditional bank accounts.
The general point is that it’s crucial to tailor your perks to your industry and your workforce. For example, the retail sector may benefit from employee discounts, while construction workers may appreciate safety training and equipment provisions. The key is to find the balance between perks that improve employees’ well-being and those that boost their productivity.
Strategy 3: Communicate the Total Rewards Package for Employees and Ensure Employee Understanding and Support
Communication is a foundational pillar to success in all facets of life – and that’s no different here. Even if you provide the best employee perks you can, it’s very possible that your workers don’t realize it. After all, 76% of workers feel like their employer doesn’t understand their mental health. That means to benefit your workforce, provide clear communication of what you offer, ensuring your employees understand the perks and benefits they’re entitled to.
To successfully do this, utilize various communication channels – from in-person meetings and company intranets to mobile apps. The goal is to make sure that no employee is left in the dark about the rewards they deserve.
- Utilize Mobile Apps: These days, employees prefer accessing information via mobile apps. Developing a company-specific app can centralize communications, making it easier for workers to access details about their rewards, including apps like Juice Mobile for managing their income and expenses.
- Provide In-Person Workshops and Seminars: In-person workshops and seminars can bridge the modern digital gap. These powerful tools are a way to genuinely connect with workers, providing general insight into financial wellness. These workshops can not only educate employees, but create an opportunity for them to ask questions and get personalized advice.
- Empower Internal HR and Benefits Team: Ensure that your internal HR and benefits teams are well-versed in the rewards program. They should be equipped to answer employee inquiries and assist with any issues that may arise.
Once you’ve communicated the rewards program, ensure that your employees have received the message. Employee support services – such as accessible customer service or online resources – will play a significant role in making your total rewards package more meaningful.
- Employee Support Service: Consider establishing a dedicated support team to address employee questions or concerns regarding their rewards. Having a helpline or chat service can provide immediate assistance when needed.
- Online Resource Portals: Create accessible online resource portals where employees can find detailed information about their benefits and perks. These portals should be user-friendly and accessible via mobile devices for convenience.
- Education and Training: Sometimes, employees may not fully be aware of the financial wellness solutions you offer. Invest in employee education and training to ensure they can effectively utilize these benefits. A well-informed workforce is more likely to make use of the perks offered to them.
Total Rewards Packages for Employees Is Foundational for the Future
Successful business goes beyond thinking about revenue. It’s about thinking holistically, fostering A total rewards package offers your workforce – especially frontline workers – something more holistic and appropriate for the work that they do.
Industry leaders stay ahead from the rest by thinking ahead of their competitors. Advanced financial tech is a way to put your business ahead of your industry at large – and success lies in looking beyond financial rewards. By focusing on total rewards packages for employees, businesses can foster an environment where employees are valued, supported, and encouraged.
Learn more about what you can do for your workforce with Juice Financial today!