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Glossary of Human Resources Management and Employee Benefit Terms
Flexible rewards have become a cornerstone in modern workforce management, offering a dynamic approach to recognizing and motivating employees beyond traditional compensation structures. In today's competitive job market, organizations are increasingly realizing the importance of tailoring rewards to the diverse preferences of their workforce.
This comprehensive approach encompasses monetary incentives and extends to non-monetary and tangible/intangible rewards, creating a holistic strategy to enhance employee engagement and satisfaction.
Flexible rewards, also known as flexible compensation, refer to a compensation and recognition approach that allows employees to choose from a range of options based on their individual preferences and needs.
Instead of a one-size-fits-all approach to compensation and benefits, flexible rewards programs provide employees with a menu of options, allowing them to tailor their compensation packages to align with their unique circumstances and priorities.
Flexible rewards typically encompass both monetary and non-monetary elements, offering employees a mix of financial incentives and other perks. The goal is to provide a more personalized and adaptable compensation structure that goes beyond traditional salary and benefits packages.
The different types of flexible rewards are:
The impact of flexible rewards on employee engagement are:
The challenges in implementing flexible rewards are:
The technology’s role in flexible rewards are:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
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