Make Your Offer Sweet: A Guide to Total Rewards Strategy
In today's competitive business landscape, employers must rethink their total rewards strategy beyond just competitive pay and benefits to attract and retain top talent. Like building a sundae, compensation and benefits serve as the foundation (ice cream), but the additional rewards and experiences (toppings) are what truly differentiate employers in the market. Organizations need to embrace transparency, understand diverse employee needs through listening strategies, and create a comprehensive employee value proposition that includes flexibility, well-being support, career development, and sustainability initiatives. The evolution from loyalty-based employment contracts to lifestyle contracts means employees now expect their employers to support their whole life rather than just providing a paycheck.
In this guide, you'll explore
- 2023 average merit increases were 3.8% in the US and 3.6% in Canada, with 2024 forecasts at 3.5% and 3.1% respectively
- 96% of employees expect their company to pursue a sustainability agenda as part of their employer value proposition
- Financial concerns continue to top employee unmet needs, with covering monthly expenses being the primary worry
- Skills-based pay is emerging as a key trend, with HR leaders prioritizing skills development in their top 10 initiatives for 2023
- The shift from loyalty contracts to lifestyle contracts means employees now expect employers to support their entire well-being rather than just work performance