Revamping Total Reward System for the Post-COVID era

by Global Reward Solutions Employee Rewards Systems

Businesses have been forced to shift their strategies to align with the market changes in COVID-19. And employees have relentlessly worked despite the challenges posed by the pandemic, such as COVID-19 infection, loss of their loved ones, emotional breakdown, etc. Therefore, it is crucial to revisit the reward structure for retaining existing employees and attracting new ones.

A total reward package may include fixed pay, variable pay, perks, and Unilever employee benefits like health insurance, transportation allowances, educational stipends, and non-financial rewards like training, programs, and leave.

Companies structure the reward policies as per the individual performance and business goals. While redesigning the total reward philosophy, organizations should focus on the following pointers.

1.     Outlining Business Strategy and Performance:

Organizations should be clear about the results they want to achieve. Based on these outcomes, they can determine the appropriate reward elements.  Enterprises must revise the total rewards philosophy whenever there is any shift in a business strategy to ensure the rewards enable the strategy. The management must also have the ability to retain, inspire and retain top talent.

    

2.     Enhance Workplace flexibility:
Nobody has ever thought the work from home trend would become the convenient way of working. Nowadays, employees are looking for more flexibility in their working arrangements. In COVID-19, they have adapted to this new pattern of working and feel more comfortable as they can do their home tasks as well as their professional commitments.

 

3. Monitoring business situations and adjusting performance targets:
The outbreak of COVID-19 had disrupted the business operations, thereby making things unpredictable for business owners.

Businesses shifted their goals according to the market changes, and managers have revised them to align with the business purpose and values.

Pay-for-performance, compensation structures, and change in employee goals and performance occurred.

 

4.     Establishing Communication and Transparency with employees:
During these uncertain times, employers should focus on communicating with employees more as all are working remotely. Employees must ensure that there are people who think about their well-being and consider their needs during the crisis.

 

Make sure employees and management should have the proper channels of communication to discuss ideas and daily work.

 

Post-COVID, your employees must be expecting programs that take care of their financial and health needs. Communicate schemes if the company has to reduce their financial or emotional stress.

 

Your employees are your assets. It is your liability to give them the best resources, and in unprecedented times of Covid-19, being their constant support. Then only expect the desired outcomes from them.

 

5.     Restructure Your Sick Leave Policy: It is one of the crucial steps you can undertake to give priority to your employees’ health. Provide additional paid leaves because you don’t know when a situation like Covid-19 can reoccur. It would be great if you set up emergency funds.

 

6.     Implement effective Remote Working Policy: Now, most of the companies have switched to the Remote Working culture permanently. In the light of the Covid-19 situation, employers must keep abreast with technological advancements. They should focus on providing data security, expense reimbursement, swift communication, etc. Check whether the systems have the proper security credentials and remote access systems to work from home.

 

7. Encourage equality and fairness through transparency: Promote equitable design of total rewards for every employee and keep this in check focusing on pay equity analysis. Ensure Unilever Employee Benefits to all populations including LGBTQ. 

 

The prevalent disruption enables organizations to revamp the Total Reward System and recognize the efforts invested of employees.

Organizations must keep these pointers in mind while formulating and implementing the total reward structure to attract and retain the top talent. Catering to your employees’ needs should be your topmost priority.

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Created on Oct 30th 2021 00:18. Viewed 285 times.

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