: 4 ways in which a Total Compensation plan can help attract talent ::

Total Compensation is a new way of understanding workers’ compensation that takes into account aspects of compensation beyond the strictly monetary. As the study shows The generational mix in Spanish companies, also developed by Sodexo, despite the fact that salary continues to be one of the aspects that professionals value the most, generation Z is the first that no longer considers it their priority. On the contrary, what most motivates those born between 1995 and 2009 in a job is the possibility of reconciling work and personal life. In the same way, at least 45% of workers positively value help for food, while, for example, millennials are the ones who best consider childcare services.

This paradigm shift has led companies to consider Total Compensation as part of their Human Resources policy, in order to offer workers benefits aligned with their interests, both globally and individually. Thus, Total Compensation integrates elements such as emotional salary, additional benefits, training, etc., which are aligned with the interests of the employees and reinforce the attractiveness of the company. In this way, Sodexo has identified four ways in which Total Compensation can help companies:

Greater reconciliation: Work-life balance is one of the factors that is becoming more important for workers. The popularization of remote work and hybrid work models has been a turning point. Currently, companies have more tools to promote it, offering benefits such as nursery vouchers or restaurant cards, which help workers to better organize their time and better combine their personal and professional lives.

Ensure the well-being of employees: Total Compensation not only seeks compensation for workers, but also improves their quality of life. The concern of the company to pay beyond money has a direct impact on the well-being of employees, which improves their satisfaction and performance.

Improve company reputation: it is important to apply Total Compensation for both new hires and existing staff. A balanced remuneration package helps to create an attractive company image that cares about its employees, which translates into greater loyalty of existing talent. In addition, in the current context of high competitiveness, Total Compensation also allows companies to strengthen their value proposition in order to attract the best talent.

Improvement in productivity and quality of the service provided: According to a survey conducted jointly by the Opener Institute for People, the University of Warwick and the Wall Street Journal, satisfied employees perform 31% better. A company that takes care of its employees, in reality, invests not only in the well-being of the workforce, but also in the quality of the service and its results. Applying the principles of Total Compensation serves to improve this satisfaction and, ultimately, benefits customers and the image of the company.

“Total Compensation supposes a change of mentality in the remuneration policies of companies that elevates salary remuneration to the level of emotional salary. This approach is really important given the change that is taking place in the priorities of workers, who for the first time, value more aspects such as conciliation than the monetary salary itself. This change in mentality has made the Total Compensation approach increasingly important for companies when it comes to being able to attract and retain talent,” says Miriam Martín, Director of Marketing and Communications at Sodexo.

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