Employee Benefits Live 2024: Total reward programmes are a huge investment in employees, said Aaron Lloyd, total rewards lead – people services at Birmingham City Council.
Addressing delegates in a session titled Will your reward and benefits strategy stand the test of time?, Lloyd discussed how the success of total reward programmes is a fine balancing act that incorporates cost-effectiveness, benchmarking, talent attraction and retention, and diversity, equity and inclusion (DEI).
A total reward programme is a huge investment in employees, said Lloyd. “Finding ways to optimise spending with the best return on investment is a must,” he said. “The salaries, benefits, savings plans and other programmes you offer to support employees should all reflect what matters most to the talent you need, encouraging the mindset of work to live, as opposed to live to work.”
Employers need to ensure that their total reward programmes are well tailored to their workforce by measuring or profiling their demographics and moving away from a one-size-fits-all approach.
“As your workforce becomes more diverse, you should look to offer more flexibility than ever before,” Lloyd said.
A well-launched and communicated digital platform that allows employees to personalise their benefits needs based on their own circumstances, will contribute to the success of a programme, he added.
It is vital that total reward statements are consistently promoted and explained to employees throughout their life cycle, Lloyd explained.
He went on to emphasise that because employees are often told about their total reward package when they first join an organisation, the messages need to be repeated continuously to ensure that staff are fully aware of their overall reward proposition.
“Total reward statements and continuous employee engagement and communication are sure-fire ways to seek the best return of investment,” Lloyd said.
Employee Benefits Live 2024 is taking place at ExCeL in London on 8-9 October.
Sign up to our weekly round-up of HR news and guidance
Receive the Personnel Today Direct e-newsletter every Wednesday
Reward, compensation and benefits opportunities
Browse all comp and benefits jobs
