Important considerations for your total rewards strategy in response to COVID-19

Every business is experiencing the impact of COVID-19. The unprecedented global pandemic is interrupting supply chains, consumer spending, business productivity, and employee well-being to a large extent.

While companies respond to the day-to-day challenges of this huge crisis, the HR team should also be thinking about how to proactively adjust their total rewards strategy for the year ahead.

It is always better for businesses to take help from the professionals in the industry for reliable global reward solutions UK.

The following are some of the major concerns the HR team should consider in this area, including employee communication, short-term assistance actions, sick leave policies, etc.

Communicate often and keep transparently with employees of your workplace

Do your employees have the support of the managers they need during this time? Employers should try to communicate more frequently with employees during these uncertain times of pandemic, especially as more people are working remotely.

Employees need to be reassured that their employer is considering their needs and well-being and the needs of the business during the crisis. This helps them maintain peace of mind and continue working at their optimum for the organisation.

As a business, you need to be sure that your managers have adequate resources by including them on strategic calls to ensure they are well-informed about changes to the business and how the company is responding in these critical times. They can then help pass on the information to their staff to ensure continuity and alignment.

Always remember to share good news when available. Any big corporate wins should be widely communicated so that the people know things are still moving forward.

Employees are undoubtedly under varying degrees of stress. Make sure to communicate any programs the company offers that can reduce their financial or emotional stress.

Compensation is just one part of a more extensive set of total rewards that many of the companies offer, so it is helpful to reinforce your employees’ total rewards package that is available to them and their families.

Furthermore, acknowledge when you don’t know the answer to the questions and be sensitive and open to concerns. If you do not have a direct response or reply to a particular question, then it is imperative to advise on a department that may.

 

Consider short-term actions to help employees

As organizations develop business forecasts for the remainder of the coming year, the HR team and other relevant department team leaders will be making decisions on moving ahead and sustaining business operations and financial well-being.

Due to COVID-19, various companies experience a significant decline in revenue, especially companies that rely on consumer spending. The decrease in revenue can lead to significant harm for any business.

Below are several traditional and as well as a few new ideas to consider implementing to minimise the impact of lost earnings and reduce costs as an alternative to workforce reductions:

●        Senior administration taking temporary pay cuts and dispensing with fringe advantages to maintain workforce levels.

●        Offering non-exempt employees such as the cleaning person, etc., who cannot work from home to continue their pay due to office closure.

●        Expanded benefits like paid sick leave.

Evaluate your sick leave policy

A growing number of businesses have enhanced their sick-leave policies in response to this deadly virus- COVID-19. Thus, it is recommended that you consider re-assessing your sick leave policies as well.

Since COVID-19 can be contagious for up to 14 days, it means your workplace employees who have been exposed to the virus and who have tested positive or who have symptoms need more time off than most companies currently provide to prevent transmitting the virus.

The following are some enhancement options to consider for your sick leave policy- at least temporarily.

Permit employees to carry a negative balance or give extra paid or unpaid leave to employees.

Allow employees to transfer their leaves to others in need.

These are just some of the essential considerations every business should keep in mind for their total rewards strategy in response to COVID-19.