Should Businesses Embrace a Total Reward Strategy?

Should Businesses Embrace a Total Reward Strategy?

Rewarding employees is important.  Few would argue with that. However, deciding the means of reward can be more complex. Money is not the sole motivating force for many, and employers who rely on cash incentives can find they face diminishing returns.

“Rewarding and recognising staff needs to resonate in an organisation or business,” observes Greg Searle MBE, Chief Innovation Officer for Keys Business Concierge. “Focus on benefits beyond the salary.”

This total reward approach encompasses a flexible combination of rewards, benefits and recognition that should take employees’ lifestyles into account and meet their longer-term needs.

 

Why Do Total Rewards Matter?

A total reward strategy, and building a rewards culture, should work to help a business or organisation achieve its aims and goals.

“Employers can differentiate themselves with the right kind of total rewards strategy, and at the same time significantly improve how their business runs,” suggests Greg.

“It’s about companies becoming employers of choice to attract and retain talent, and it’s about employees feeling empowered and therefore incentivised to be more productive,” Greg continues.

This means developing rewards that work in a very practical sense, but also deliver as a return on investment.

 

“For any business to adopt total rewards, it needs to see how it will get value out of it. Ultimately, it wants to be able to use it as leverage to increase productivity

Greg Searle MBE, Keys Business Concierge

 

For the employer, total rewards must work as part of an identifiable programme, ensuring that they are both consistent and measurable.

For the employee, they must hold a specific value, but not necessarily a monetary one.

 

The Practical Solution to Total Rewards

Greg advocates the use of business concierge services as a key component in a total rewards programme.

 

“Business concierge services have clear advantages, and significant benefits.  Firstly, they are a definable service, which employers can order and schedule. Secondly, they are supremely adaptable to individual needs”

Greg Searle MBE, Keys Business Concierge

 

A business concierge service can comprise a broad range of items, from administrative support to assistance with things like booking trips and meetings. Moreover, this support has a positive impact outside the workplace.

“It is a total support package, personalised for the user,” say Greg.  “This means it can also help with things like hotels, travel abroad and meals out. Even with home admin tasks like paying bills.”

It gives people greater autonomy in their working lives, and by making their day to day lives easier, it truly resonates as a reward.

Greg strongly suggests that a business concierge is ideal for forming an important part of a strategy aligned with broader business objectives.

 

“As an employee reward, a business concierge has a lasting positive impact on the recipient, while enabling the individual to improve their overall performance”

Greg Searle MBE, Keys Business Concierge

 

“Business concierge services have a clear benefit to employers too,” Greg concludes.  “In essence, it covers many of the key qualities of a total rewards programme.”

To discover how Keys Business Concierge can strengthen your Total Rewards Programme, please call 0161 884 3300.

 

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