For some, a job is just a job, for engaged, productive employees, a job is so much more. Engaged employees are looking for a job that has the whole package- a well-paying, flexible job that includes benefits and work-life balance. It isn’t enough to simply have an open position at your company; you must also offer total rewards. What are total rewards? They are the tools available to employers that can attract, motivate, and retain employees. Total rewards are grouped into 5 sections:
These five concepts work in unison, acting as a tailored package to effectively entice employees. For total rewards to be optimal for your dealership, the package should be adapted to your specific dealership needs; each dealership must cater to their unique culture and employee set. If you implement the total rewards effectively, the program often results in satisfied, engaged, and productive employees, which in turn increases performance, results, and thereby profit.
Review the following sections of total rewards before putting together your own program:
Compensation is comprised of four main parts: fixed pay, variable pay, short-term incentive pay, and long-term incentive pay. By utilizing all four parts of compensation, you positively reinforce employee efforts, incentivizing them to continue to work hard by providing them with additional pay. The four parts of compensation are defined as:
By balancing all four of these compensation types, you are offering an enticing package that employees can continuously affect and work towards, inspiring them towards greater performance.
To learn about the remaining parts of total rewards, check back next week.- See more at: http://www.kpaonline.com/blog/2014/08/using-total-rewards-as-a-recr...