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Rethinking total reward
In this turbulent and inflationary environment, many businesses are focused on containing their costs. Yet these leaders also realise the need to do the utmost to attract and retain key, skilled talent and to maximise performance
Competitive reward packages are vital to finding and keeping the pivotal talent that organisations need – and a package that focuses on total wellness will enhance and sustain productivity and performance.
Now is the time for change
At PwC, we believe that now’s the time for a new reward value proposition—one that shifts the focus to Total Wellness. Powered by an exceptional employee experience and leveraging a company’s culture and leadership, Total Wellness can deliver value to individual employees, teams, organisations, and society.
PwC’s ‘Rethinking Total Reward to deliver Total Wellness’ approach bridges the gap between employee preferences and the total reward offering. This new approach places the individual at the centre of a reframed, broad and flexible approach to the total reward equation. It’s personalised, bottom-up and enhances employee experience and leverages culture and leadership. Organisations implementing this approach are positioned to attract, engage and retain top talent. These organisations will reap the benefits of exceptional people, business and societal outcomes.
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#totalreward => #totalwellness
The typical approach to total rewards won’t cut it
Historically, organisations have focused on getting the most out of employees, their wellness notwithstanding. Now with employee populations becoming more heterogeneous, attracting and retaining and motivating employees through standardised approaches to rewards simply isn’t working. Financial rewards are still important, but in addition, employers need to start addressing and aligning non-financial rewards to employee preferences and needs.
Employers should try to understand preferences at the individual level rather than offer a plethora of alternatives for people to choose from. The list of options should reflect an understanding of the wellness needs of every single employee, not just employee groups.
More wellness, better outcomes. Total reward for the future.
In the new world of work and value creation, the total reward focus is on enhancing employee wellness - physical, emotional, mental, social, career and financial. The resulting people, business and societal outcomes will ensure that organisations not only get a return on reward investment but also deliver value for their people.
Shift to Total Wellness from Total Reward
85% of workers said that their wellbeing had declined during the pandemic.
More employees want to work for employers who care about and support their wellbeing.
When considering a job change, 60% of employees consider wellbeing one the most important factors to consider.
How we can help you along your journey
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