Last week, we delved further into the concept of the total rewards toolkit, defining what exactly benefits and work-life mean for prospective and current employees. Through the use of a total rewards program, employees may stay loyal to their dealership longer. A total rewards program also serves as an additional benefit to new employees, making your dealership even more attractive to applicants. Two parts of total rewards remain: Performance and Recognition and Development and Career Opportunities.
- Performance and Recognition
Performance refers to more than reviews or guidelines. In the case of total rewards, performance provides structure for employees, allowing them to understand the expectations of their roles and assigned tasks. By aligning individual, team, and organizational goals, performance can lead to success for the dealership as a whole. Performance includes:
- Performance planning: establishing expectations and aligning all levels and participants.
- Performance: demonstrating individual and team skills and capacity.
- Performance feedback: communicating how well employees are completing their tasks, compared against set expectations, standards, and goals. Feedback often motivates employees to improve performance.
Recognition acknowledges or gives special attention to employees who have been performing above and beyond expectations. This can be done through rewards and appreciation. Recognition can be both formal and informal, but should happen immediately after the fact. Awards can be cash or non-cash, and are most valuable when they are personalized to the individual awardee.
- Development and Career Opportunities
Development and career opportunities refers to employee development that allows them to not only perform better in their current position but also prepares them for future roles. Development engages employees, pushing them to perform better, and helps them advance in their roles.
Career opportunities include:
- Learning opportunities (tuition assistance, new technology training, on the job learning.
- Coaching and mentoring (leadership training, access to experts, formal or informal mentoring)
- Advancement opportunities (internships, internal job postings, job advancements, promotions)
Every total rewards strategy should vary based on the individual dealership. What is enticing for one set of workers and applicants may not be for another, therefore, your strategy should be made for your particular culture. Currently, the best employees are looking for more than just a good salary. They are looking for a job with the full package, which includes all parts of a total rewards program. Keep your employees engaged and productive and avoid the cost of new hires with the use of a total rewards program.
Do you have questions about how to implement a total rewards system at your dealership? Contact [email protected].