The WorldatWork Handbook of Total Rewards
A Comprehensive Guide to Compensation, Benefits, HR & Employee Engagement
Dan Cafaro
- English
- ePUB (apto para móviles)
- Disponible en iOS y Android
The WorldatWork Handbook of Total Rewards
A Comprehensive Guide to Compensation, Benefits, HR & Employee Engagement
Dan Cafaro
Información del libro
Equip yourself to manage, motivate, compensate, and reward everyone in this workplace revolution
The future of work is here. From the shift to Millennials and Gen Z in the workforce to the advent of the Fourth Industrial Revolution and the Gig Economy, the world of work and rewards has significantly changed since the initial WorldatWork Handbook was published. Human resources and total rewards professionals need tools to equip them to manage a changing workforce. This completely revised second edition addresses the challenging and disruptive issues facing employers today and tomorrow.
The WorldatWork Handbook of Total Rewards is the definitive authority on compensation and rewards from the leading global nonprofit organizations for professionals who are engaged in the critically important practice of total rewards. This book is a go-to resource for all business professionals and leaders who reward and create productive, committed and inspired workforces worldwide. Readers will learn the basics of rewards, along with a deep dive and high-level view of how rewards programs enable organizations to deliver on their brand promises and perform at their optimal level.
- Gain a thorough understanding of compensation and benefits, along with employee well-being, development, and recognition, all updated to address the realities of today's workplace.
- Understand why the Millennial and Gen Z workforce requires a different value proposition, and how to meet their needs.
- Discover the tools and techniques you need to help you reskill and become a highly valued workforce contributor and leader in the digital era.
- Learn how to attract, retain, and engage talent by building a healthy workplace culture and employing unique incentives that drive high performance and loyalty.
Technical enough for specialists but broad in scope for managers and HR generalists, this well-rounded resource belongs on the desk of anyone interested in organizational effectiveness. An indispensable tool for understanding and implementing the total rewards concept, The WorldatWork Handbook of Total Rewards, Second Edition is the key to designing programs and practices that ensure employee engagement and organizational success.
Preguntas frecuentes
Información
1
The Power of Total Rewards
- Business increasingly operates as a global village, with work moving to different parts of the world to take advantage of lower-cost labor and address skill gaps.
- Technology continues to revolutionize work, not only in terms of automating more jobs, but also in enabling the virtual workplace as professionals increasingly conduct business in home offices or remote locations.
- Women are equally represented in the overall workforce, if not yet fully in the ranks of senior management.
- Traditional hierarchical distinctions have eroded in the name of faster decision-making and speed to market. Teamwork is one of the most common behaviors rated in performance reviews.
- More businesses and business units in the United States are owned by European or Asian parents, which expect their practices and norms to be followed and respected in the workplace.
- Job mobility is taken for granted. According to the Bureau of Labor Statistics, the average worker in 2020 currently holds 10 different jobs before age 40, and this number is projected to grow. Forrester Research predicts that today's youngest workers will hold 12–15 jobs in their lifetime.
- Gender, race, and religious differences are a common part of most work environments. Diversity has become a respected value, demonstrated through a range of specific programs.
- Business leaders increasingly regard employees as drivers of productivity, rather than as relatively interchangeable cogs in a larger wheel.
BROADENING THE DEFINITION OF TOTAL REWARDS
- Narrow definitions. These virtually always comprise compensation and benefits, and sometimes they include other tangible elements (e.g., development). This sometimes is referred to as total compensation or total remuneration.
- Broad definitions. These can expand to encompass everything that is “rewarding” about working for a particular employer or everything employees get as a result of their employment. Sometimes terms such as value proposition total value are used interchangeably with total rewards.
- Erosion of the “core” elements of the package. The traditional elements of rewards – pay, benefits, and stock awards – are no longer differentiating factors for organizations. The competitive position for pay is trending toward median or mean. Benefits costs continue to rise. Stock programs, such as the distribution of options, do not offer the appeal they once did. Given all of this, a logical response is to broaden what organizations provide for the overall employment package.
Direct Financial
Base Salary
Bonus
Cash Profit Sharing
Employee Referral Program (Cash)
Stock Programs
Suggestions Programs (Cash for Ideas)
Indirect Financial
Adoption Assistance
College Savings Plan
College Tuition and Fees
Commuter Reimbursement (Pretax)
Company Cafeteria
Company Store
Dependent Care
Dependent Scholarships
Discount Tickets
Educational Assistance
Fitness Facilities Discounts
Health and Welfare Benefits
Incremental Dependent Care (Travel)
Insurance (Auto/Home) via Payroll Deduction
Long-Term Care Insurance
Matching Gifts
Relocation Program
Retirement Plan(s)
Saving Bonds via Payroll Deductions
Scholarships
Stock Purchase Program
Student Loans
Tuition ReimbursementWork
Autonomy
Casual Dress Policy
Challenging Work
Constructive Feedback
Covered Parking
Ergonomics/Comfortable Workstations
Flexible Work Schedules
Free Parking
Interesting Work
Job Skills Training
Modern, Well-Maintained Workspace
Open Communication
Performance Management
Promotion Opportunities
Safe Work Environment
Suggestion Program (No Cash)
Telecommuting Opportunities
Uniforms/Uniform Allowance
Workshops
Career
360º Skills Assessment
Career Advancement
Coaching
Lunch and Learn Series
Management Development
Mentoring Program
Open Job Posting
Preretirement Counseling
Service Awards
Training and DevelopmentAffiliation
Athletic Leagues
Community
Involvement
Diversity Programs
Employee Celebrations
Employee Clubs
Professional Associations
Seminars
Spring and Holiday
Parties
Support Groups
Volunteer Connection
Other/Convenience
ATMs Onsite
Carpooling/Van Pooling/Shuttles
Car Seat Vouchers (for Newborns)
Child Care Resources
Credit Union
Employee Assistance Program
Employee Card and Gift Shop
Expectant Parent Program
Legal Services
Medical Center
Military Deployment Support
Online Services
Onsite Dry-Cleaning Pickup
Onsite Flu Shots
Onsite Food Services
Onsite Post Office
Personal Travel Agency
Wellness Program
Worldwide Travel AssistanceFIGURE 1.1 Total rewards: different things to different employers. - Pressure for operational efficiency and effectiveness. Total rewards can represent a major cost element. As organizations seek to manage costs tightly, there is more emphasis on ensuring that all costs are counted and managed. By redefining rewards more broadly and focusing on those elements that achieve the biggest payoff, organizations can drive toward efficiency.
- Catering to diverse needs. Organizations today are managing a much more heterogeneous population. For the diverse workforce, no single component becomes a value driver. Employees have choices to make and a need for greater flexibility. A broad definition of total rewards helps employers show how their slate of rewards responds to the broad needs of today's global workforce.
- Need to more strongly reinforce business strategy. Organizations are concerned about sending clear business messages to employees. A properly structured total rewards package sends a key message. By aligning all the components of total rewards with the overall business vision, a company ensures its workforce is on the same page.