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July 20, 2022 | Brief
As organizations face yet another set of challenges—slower growth and possible recession—this is still an opportune time for CHROs and their teams to be strategic about total rewards (TR) programs.
The Conference Board’s research during the pandemic revealed that first, a whole-person approach to employee well-being that incorporates physical, mental, social, financial, and emotional aspects of health has become more important than ever to ensure a positive employee experience; and second, a nimble TR strategy and process enables organizations to respond to changes rapidly in turbulent times.
How can this be done? Here is a list of 9 concrete strategies:
Taking a Whole-Person Approach to Enhancing Employee Well-Being
1. Look beyond physical health and permanently embed all elements of well-being into benefits programs.
2. Increase workplace flexibility and align leadership behaviors to the policies.
3. Take advantage of the momentum to customize TR programs tailored to individual or group needs.
Establishing a Nimble Total Rewards Strategy to Adapt to a Changing Environment
4. Continuously monitor business situations and adjust performance targets accordingly.
5. Instill flexibility in incentive plans to prepare for future uncertainty.
6. Make greater use of nonmonetary incentives to reward employees and drive business performance.
7. Evaluate and adjust pay programs as the demand for talent deployment and reskilling increases.
8. Align pay strategy for remote workers to the overall talent and compensation strategy
9. Revisit (and revise) temporary policies with empathy and communicate changes in a transparent and timely way
For more insights on how to deploy these strategies under adverse economic circumstances, see the following article written July 29, 2020, COVID-19 Reset & Recovery: Leveraging Total Rewards Strategies to Improve Employee Well-Being and Navigate Business Changes, containing practices and examples that are still relevant today.
