Total Rewards and the Better Workforce Deal

By Patricia K. Zingheim and Jay R. Schuster

Companies have announced a commitment to "growing (not shrinking) to greatness." However, growth requires people, and there doesn't seem to be enough good ones to go around. Most executives would agree that pay and other rewards are part of the answer. They will help get prospective employees' attention. Yet, they are often omitted from many otherwise potentially powerful change initiatives businesses need to thrive. And, there is concern about the impact of the resulting "noise" on the existing workforce.

The solution is to strategically deploy pay and rewards so they support needed business growth. This single act will provide a differential advantage over companies that don't do this effectively. But people work for more than pay. This is why wise businesses like IBM, General Mills and Honeywell are transitioning to total rewards for their workforce.

What are total rewards? In our book, Pay People Right! Breakthrough Reward Strategies to Create Great Companies, we suggest the four components of total rewards are: (1) a compelling future, (2) individual growth, (3) a positive workplace and (4) total pay, of course.

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