Hi. It's Mike Davis again.
We're back to talk bout non-monetary rewards.
So far,
I hopefully have made the case about why non-monetary rewards are important and
why every company should think about it as a key part of their total rewards program.
We just went through a segment looking at how valued these benefits are to
employees and what a difference they make.
We're going to now look at more deeply the value to employers, but
we're going to begin by once again revisiting the Total Rewards Model.
Again, this is Zingheim & Schuster's Total Rewards Model,
in their book Pay People Right.
You can find it on the internet, too.
And from their studies, these are the things that they found
when people talk about their jobs and talk about what they like.
They tend to mention various factors that are showing on the spread.
You'd think it would be all about compensation and benefits and
in fact it is to an extent, but it's not in the grand scheme of things.
It's all these other factors combined that people talked about.
So let's go back and think about employers for a second.
What are they doing?
Well first and foremost, they're trying to run a business.
And to do so, they're going to need employees, and
they're going to have to know how to do certain things.
So they're going to have to have certain skillsets, and possibly personality
traits, and they're going to have to know how to do their jobs.
So when it comes around to pay every employer knows you have pay fairly, but
often times what isn't as clear is that compensation itself is not enough.
That you really need, as an employer, to do more.