Total reward strategies have featured in talent retention strategies for years, but ‘total wellness’ can deliver better results. Louise Shannon explains why

In the new world of work and value creation, total reward strategies are focusing more and more on enhancing employee wellness—from the physical, emotional and mental, to social, career and financial management.

The resulting people, business and societal outcomes can help organisations to get a better return on their reward investment and deliver more value for their people.

A new approach to total reward

Historically, the total reward approach provided employees with a blend of monetary and non-monetary rewards using a traditional ‘top-down’ mechanism.

In the future, we expect to see a more personalised, bottom-up approach that uses total reward to deliver total wellness.

This new approach will bridge the gap between employee preferences and the total reward offering, placing the individual at the centre of a reframed, broader and more flexible approach to the reward equation.

It will align reward to physical, emotional, mental, social, career and financial wellness, underpinned by a positive employee experience. This will leverage a company’s culture and leadership, enabling organisations to attract, engage and retain top talent.

Financial rewards will always be essential, but employers will need to do more to align non-financial rewards with employee preferences and needs at an individual level.

Employees will require a list of options reflecting an understanding of their personal wellness needs.

Here are five key questions leading organisations should ask themselves:

• Does our total reward strategy promote the total wellness of each employee?
• Does it deliver total wellness that enhances workforce productivity?
• Are we considering employee preferences in our total reward decisions?
• Are we effectively engaging and retaining our top talent?
• What is the return on our reward investment?

There are several steps leaders can take to implement and promote total wellness in their organisations.

Continually ask and listen

Listen to employees so that you can fully understand their preferences and be flexible in your approach. Individual preferences will change over time, so you need a reward offering that evolves to suit the changing needs of employees.

Review on an ongoing basis

Review and assess your existing total reward offering, focusing on the six elements of total wellness—physical, emotional, mental, social, career and financial. Respond to and fill gaps in your offering where needed.

Create a reward roadmap

Total wellness cannot exist without planning and strategy. Create a roadmap for change based on your organisation’s desired vision and get buy-in from leadership to make it happen.

The benefits are clear. Investing in total wellness can improve trust, retention and productivity. Taking the time to get it right is crucial.

Louise Shannon is Senior Manager, People and Organisation, PwC Ireland