At the WorldatWork Total Rewards 2010 Conference, the HR solutions and services provider Workscape, Inc. reported the results from a new survey titled “Managing Employees and Total Rewards During the Economic Upswing.”
The study, conducted in March 2010, consisted of “519 HR decision-makers and practitioners answered 20 questions regarding timely topics such as post-recessionary employee flight risk.”
Part of the results revealed that 64% of respondents’ organizations had no intentions of offering more enhanced benefits packages. Although, 71% noted that “health insurance was the one ‘reward’ that they thought employees couldn't ‘live without.’” All involved were concerned about the effects on employee benefits in regard to the new healthcare legislation.
Other findings from the study included:
- A somewhat optimistic view of the economic recovery during 2010, with the majority of respondents expecting business expansion taking much longer than six months.
- Eighty-two percent of respondents had plans to enhance manager/employee communications.
- Respondents in the technology sector had the greatest optimism; 80% expected business growth with the next nine months.
Workscape's Director of Total Rewards Strategy David Turetsky noted, “An interesting contrast has emerged in our latest total rewards research. Companies recognize the importance of retaining valued employees but are more likely to incentivize employees with more money rather than more benefits.”
Turetsky went on to explain, “Total rewards management means managing an employee's ‘total relationship value’.” Included in total rewards is: salary, bonuses, reward incentives and benefits. It also includes corporate culture, corporate mission, and opportunities for growth.
Employers will “need to take a comprehensive view of employee rewards” to stay ahead of the game as competition for valuable workers builds, added Turetsky.
Common motivation strategies was the topic of another article by columnist Jan Kantor of the Naples Daily News. Discussing strategies that work and those that don’t, Kantor advised that morale boosting and the achievement of goals are “effective means of motivating and retaining employees,” while fear tactics and/or monetary incentives were not beneficial.