Attracting and Retaining Talent – Total Reward Strategy

Abstract

In today's business environment, many organizations continue to struggle with tying compensation with talent management. Organizations are charged with achieving business results and targeted growth while given limited budgets. Sustaining key talent becomes more challenging as companies need to spend on salaries and incentives but are limited with flexibility. By linking compensation with talent management, organizations can execute a total rewards program that highlights both monetary and non-monetary benefits, giving employees that motivation needed to leverage organizational performance. There is now a shift in thinking from how much you are making in terms of pay or benefits to more of a "value" factor, how is your total rewards package adding value to your own life. Total Rewards, for the most part now, focus on a personal impact – how to optimize employee motivation, recognition and satisfaction, while rewarding and recognizing the merit of employees talent’s contribution to the organization. In this paper an attempt has been made to highlight the significance of total rewards for retaining employees.

Keywords: Business Environment, Talent Management, Value, Total Reward, Employee Motivation