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This helps create a seamless connection between contribution and compensation.

Competitive compensation is a key factor in the EVP, of course, and manufacturers have steadily raised pay in recent years, according to the latest BLS wage data as tracked by the Federal Reserve Bank of St.

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;The Monumental Mission of Meaningful Mentorships;Proactive TR Pros See ‘Train’ of Change Coming, Take Steps to Act;The Keys to Creativity and Driving Innovative Total Rewards;The Pros and Cons of Giving Managers Discretion on Merit Increases;Using Analytics, Innovative Framework to Transform HR/Total Rewards;How An Industry Leader Sees Technology Transforming Total Rewards;Biopharma Compensation Leader Has Put AI Under the Microscope; Arnold: Where do total rewards functions typically fall short when it comes to their well-being programs and offerings?

.; ;Revised compensation or bonus structures.; ;Mental health benefits — paid days off, services covered under your health plan, and access to mental health professionals.; ;Professional development opportunities .; ;Bringing in career coaches or other professionals to train workers and leaders on the signs of burnout and stress.; ;Educating employees on effectively bringing up their concerns about their workload or burnout — and training managers and leaders on how to respond.; Preserving Time Away from the Office Work-life balance is inextricably entangled with the amount of time spent at work — and, by extension, the amount of time workers have away from it.

Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Total Rewards; ;Finance and Budgeting; ;Well-Being; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

For lower-income individuals, having access to childcare benefits may be just as good as pocketing more cash — an example of how non-compensation rewards can be a viable alternative for companies that face challenges in paying a living wage.

Lori Shannon, a Chicago-based partner in Barnes and Thornburg’s benefits and compensation practice group, foresees more employers using wellness programs to offer premium incentives, i.e., discounts, to participants in their group health plans for receiving COVID-19 vaccinations, rather than imposing penalties for passing on the vaccine.

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