Last week we discussed the value of total rewards for a dealership. Through the implementation of total rewards, prospective and current employees can be attracted, motivated, and retained. We now know that through the use of full compensation packages (a four-part concept), employees are motivated to perform even better. However, compensation is only one small portion of the total rewards toolkit. Also included are benefits, work-life balance, performance and recognition, and development and career opportunities. With the right combination of the total rewards pieces, you can create a package that will encourage employees to increase their performance as well as entice new applicants.
Round out your total rewards package using the following concepts:
Benefits are defined as “programs that an employer uses to supplement the cash compensation that employees receive,” (AWLP.org). Benefits can be broken into three elements:
By providing a comprehensive benefits package, you are ensuring that your employee’s income flow is protected, thereby enticing them to stay loyal to your dealership and attracting new applicants.
Work-life balance is a less structured concept referring to a set of philosophies and policies that allow employees to have a healthy balance between work and home. These practices are not set in stone and vary between workplaces. The five main criteria for a work-life balance are:
Each of these points vary in different workplaces; however, the main concept is that the employer offers some form of support for each piece of criteria.
Thus far, we have covered the total rewards compensation, benefits, and work-life. Check back next week to learn about the remaining parts of total rewards.
Do you have questions about total rewards? Contact email@example.com.- See more at: http://www.kpaonline.com/blog/2014/09/using-total-rewards-as-a-recr...