Revamping Total Reward System for the Post-COVID era
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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