Employees want more than money…

Facing fierce competition for skilled professionals in an ever tightening labour market, companies are slowly realizing it takes more than just high salaries and good benefits to attract and retain workers. Indeed, many employers simply cannot afford to keep throwing money at the problem.

Progressive organizations are focussing on a simple concept called “total rewards”. The basic premise is that there is more to compensation than just pay and benefits. Employees are also looking as much (if not more) for things like work life balance, effective leadership, new technology in the workplace and opportunities for development. These four components are illustrated in the diagram below.

Effective? Yes! And the good news for the CFO is that a “total rewards” approach to a recruitment and retention strategy costs a lot less than simply putting more and more cash on the table.

The Robinson Consulting Group works with your organization to develop and implement an effective total rewards strategy. Contact us today.