Total Rewards

The complexity and urgency around supporting employees’ unique wellness, mental health, and belonging needs while still managing performance expectations in a fair and equitable way presents quite a challenge. Every corporate leader will tell you that the only certainty during this crisis is that every employee is experiencing it differently, which means that employees are requesting access to a wider variety of benefits that match their unique experiences and needs. Unfortunately, certain groups of employees are being disproportionately negatively affected and thus require even more support. A sense of unfairness can arise among employees who feel that others’ needs are being addressed ahead of their own.

With the political, economic, and health uncertainties that still lie ahead, many leaders are struggling to determine which, if any, of the temporary benefits used to provide stopgap support for employees throughout the crisis should continue or be made permanent once it has passed. This is especially true if, post-recovery, companies look for ways to quickly reduce costs, as many of these stopgap measures cost more because of their expedited nature.

• Provide next-level rewards. Offer benefits packages that go beyond basic compensation to include employer-sponsored health care, retirement savings, and disability and life insurance.
• Make it easy to take advantage of rewards. Offer resource navigators who can help employees manage a variety of life challenges, including child care, medical concerns, housing needs, and financial literacy.
• Personalize total rewards. Ensure that benefits that address specific employee challenges, such as transportation vouchers, classes for English language learners, financial planning services, and student loan payment support, are made available.