What makes an employer an “employer of choice?” It is about an organization’s ability to not only attract quality employees but also to retain those employees as well. In Human Capital Management (HCM) terminology, this is called having a total rewards program.
The total rewards concept has been around for years, but a total rewards program looks different today than it did a generation or so ago. Total rewards programs for baby boomers and past generations were focused on the base salary and health and welfare benefits. Competitively, a total rewards philosophy looked like, at minimum, matching or a cut above what other employers were offering in order to entice employees to a business. Employees knew this. Therefore, employee retention was easy to manage as job jumping was mainly centered on moving up the career ladder or due to poor management techniques.
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Bobbi Kloss is the Director of Human Capital Management Services for the Benefit Advisors Network – an exclusive, national network of independent employee benefits brokerage and consulting companies. For more information, please visit: www.benefitadvisorsnetwork.com or email the author at email@example.com.