Using Total Rewards as a Recruitment Tool Part 2
September 03, 2014 by Kathryn Carlson
Posted in: Human Resources Management
Tags: 2, Balance, Benefits, Job, Part, Recruitment, Reward, Work-Life
Last week we discussed the value of total rewards for a dealership. Through the implementation of total rewards, prospective and current employees can be attracted, motivated, and retained. We now know that through the use of full compensation packages (a four-part concept), employees are motivated to perform even better. However, compensation is only one small portion of the total rewards toolkit. Also included are benefits, work-life balance, performance and recognition, and development and career opportunities. With the right combination of the total rewards pieces, you can create a package that will encourage employees to increase their performance as well as entice new applicants.
Round out your total rewards package using the following concepts:
Benefits are defined as “programs that an employer uses to supplement the cash compensation that employees receive,” (AWLP.org). Benefits can be broken into three elements:
- Social Insurance: includes unemployment, workers compensation, social security, and occupational disability.
- Group Insurance: includes medical, dental, vision, prescription drug, mental health, life insurance, AD&D insurance, disability, retirement, and savings.
- Pay for time not worked: includes paid work time (breaks, clean-up time, uniform changing time), and paid away from work time (vacation, company holidays, and personal days).
By providing a comprehensive benefits package, you are ensuring that your employee’s income flow is protected, thereby enticing them to stay loyal to your dealership and attracting new applicants.
- Work-Life Balance
Work-life balance is a less structured concept referring to a set of philosophies and policies that allow employees to have a healthy balance between work and home. These practices are not set in stone and vary between workplaces. The five main criteria for a work-life balance are:
- Workplace flexibility varies based on the dealership and the employee. While some employees may need to vary their schedules to miss traffic or pick up their children from school, others may prefer to have certain days or times off. If the position allows, employees may even request to work remotely. In essence, workplace flexibility is adapting to individual needs.
- Paid and unpaid time allows employees to meet their personal needs, sometimes using paid time off or vacation or allowing them to take unpaid time off as the need arises.
- Health and well-being offers employees things like health club memberships, smoking cessation programs, and more.
- Caring for dependents not only refers to caring for your children, but also to partners and family members. Allowing for flexibility a loved one is sick or elderly is becoming commonplace in companies nationwide.
- Community involvement allows for employees to do good things for the community, based upon their independent interests and charitable causes. Some dealerships provide employees with one day off per year to volunteer at a place of their choice.
Each of these points vary in different workplaces; however, the main concept is that the employer offers some form of support for each piece of criteria.
Thus far, we have covered the total rewards compensation, benefits, and work-life. Check back next week to learn about the remaining parts of total rewards.
Do you have questions about total rewards? Contact [email protected].