Vanilla compensation strategies fall flat

Total rewards philosophy helps employers stand out and highlights what employees really care about — compensation and learning opportunities
By Gail Evans and Arden Dalik
|Canadian HR Reporter|Last Updated: 07/26/2011

Does anyone remember when “Help Wanted” signs were considered a recruiting strategy? The more sophisticated companies didn’t stop there — they added “competitive wages offered” to sweeten the deal.

Of course, HR practices have come a long way from putting a sign in a window. One of the most evolved tools has been the total compensation strategy or total rewards philosophy. This strategic tool has been invaluable in helping to focus and align all elements of total rewards with the direction of a company.

Now that the dark days of the global recession are mostly behind us, employers once again are concerned about a broader range of talent and rewards issues. Leadership development, retention, attraction and succession planning rank among the top human capital critical challenges, according to the Wynford Group’s Spring Flash Update, based on a survey of more than 200 employers.