Using Total Rewards to Attract, Motivate and Retain your Employees
A Win-Win Business and Human Strategy
A holistic rewards system is needed to better attract, motivate and empower talent in the Covid-19 era of uncertainty and turbulent change. The Society for Human Resource Management (SHRM) defines total rewards as “a system implemented by a business that provides monetary, beneficial and developmental rewards to employees who achieve specific business goals”. The total rewards strategy combines compensation and benefits with personal growth opportunities within the culture of a motivated, high-performance work environment.
The operating and marketplace environment today is characterised by volatility, uncertainty, complexity and uncertainty, abbreviated as VUCA.
The VUCA World Demands a Leaders-Employees Partnership approach to drive strategic transformation for business success through a Total Rewards solution. VUCA challenges are described in the following illustration:
