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Why Should You Create a Total Reward Culture?

Why Should You Create a Total Reward Culture?

What motivates employees? What managers discover is that while employee rewards should be effective in theory, in practice they fall short.

What is the missing part of the puzzle? The answer could be that money is not the sole motivator for many employees. Therefore, cash might not be the best option for rewarding them.

“This is where the concept of a total reward culture comes in,” explains Greg Searle MBE, Chief Innovation Officer for Keys Business Concierge. “It means looking at the whole work experience, beyond pay.”

 

“While total reward is not a new concept, for many businesses and organisations, getting to grips with it is”

Greg Searle MBE, Keys Business Concierge

 

“It means looking at things like freedom and autonomy, and flexibility, alongside recognition of achievement and career development.”

 

The Holistic Approach

Using total rewards may require a cultural shift, so that they become firmly embedded. At the same time, any organisation or business using total rewards must tailor them to fit their own culture.

“You can’t just bolt this on,” warns Greg.  “It must encompass a flexible combination of rewards that will meet the needs of employees and the lifestyles they lead.”

 

“It is vital not to lose sight of the strategic value.  Be clear what your reward culture is for, and what you’re using it to work towards”

Greg Searle MBE, Keys Business Concierge

 

“You should align all aspects of it to your business goals and your corporate values,” Greg emphasises.  “It must tally with expected behaviours of employees, and help guide them in achieving your objectives.”

 

Total Rewards and Business Concierge Services

One practical solution to initiating a total reward culture is the use of a business concierge service. This combines real, tangible rewards with qualities of long-term empowerment which can truly resonate with recipients.

“Think of a business concierge service’s potential as a more universal benefit,” Greg suggests. “You can use it to improve someone’s quality of life, in a way that extends to their own time and how they can get the best out of it.”

A business concierge comprises a broad range of services, from virtual PA to booking trips, meetings and other business calendar items. Furthermore, users can also take advantage of it to book holidays and meals and pay bills.

 

“From a reward perspective, give employees something with depth, that has a value extending beyond the financial”

Greg Searle MBE, Keys Business Concierge

 

“Effectively, you’re giving them their time back,” concludes Greg.  “This seems to me to have the potential to mark a fundamental, positive cultural shift in an organisation.”

To discover how business concierge services are used as a long-term incentive, a means of recognising employee achievement and performance,  and ticks many of the total reward boxes, please call Keys Business Concierge on 0161 884 3300 or visit keys-business.com.

 

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