Balance Reward Budgets with the Right Employee Benefits
Right now, finding the perfect balance between rewarding employees and managing labor costs is more challenging than ever – but striking this balance is crucial for maintaining a motivated and loyal workforce. By carefully designing a reward strategy that includes both financial and non-financial benefits, companies can foster employee retention, satisfaction, and overall well-being, all while keeping an eye on the bottom line.
Articles
It’s a delicate balancing act: our research found that 43% of employers are struggling to find the sweet spot between offering attractive rewards and keeping labor costs in check. With 53% of employers noting that total wage costs are on the rise and the average salary increase projected at 11% for the coming year, the pressure is on to manage budgets wisely.
Surprisingly, 38% of employers do not have or plan to offer any health and well-being benefits. This is a significant oversight, especially when 37% of employees are currently experiencing financial stress, a major contributor to overall mental health challenges.
Podcast
How is SD Worx balancing the company’s fiscal health with employee financial well-being?
Tune into Episode 2 of the Reward Navigator Podcast, where Bruce Fecheyr-Lippens and Pieter-Jan Boden reveal how to strike the perfect balance between reward budgets and financial well-being for both your company and employees. Learn from their innovative reward strategies to foster financial health and fairness!
