Total rewards for tough times

Communicate value of benefits, drug plans, EAPs
By Dave Jones
|Canadian HR Reporter|Last Updated: 08/14/2012

Balancing the need to keep pay and benefit costs affordable and sustainable in the long run, while still providing a competitive total rewards package for employees, is one of the trickiest tasks for employers — something made even more difficult in a tough economy.

With so much uncertainty in the near term — and with total compensation costs often an organization’s greatest expense — the need for restraint has rarely been greater.

But restraint and inaction are two different things. While the balancing act can be challenging, there may be ways to add or unlock value within the total rewards package at a low cost — or no cost at all — to the organization.