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Workspan Magazine article;Employers Ready to Shuffle Health, Well- B eing Partners , Workspan Magazine article;How to Calculate the ROI on Your Wellness Program , Journal of Total Rewards article;Workplace Well-Being Trends , WorldatWork research ; ; You’ve spent plenty of time and energy crafting your organization’s wellness benefits.

Perhaps most notable for total rewards professionals are the: ;NLRB , which enforces the National Labor Relations Act (NLRA), conducts elections to determine union representation and investigates allegations of unfair labor practices (e.g., wages, pay rates, working hours, work conditions).; ;EEOC , which enforces federal laws that prohibit employment discrimination in numerous areas (e.g., hiring, firing, promotions, harassment, training, wages, benefits).; ;Pension Benefit Guaranty Corporation (PBGC), which was created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and monitor pension insurance premiums.; ;Securities and Exchange Commission (SEC), which requires public companies to disclose how much they pay their executives, and how that pay relates to corporate financial performance.; ;Social Security Administration

What Does That Mean for Total Rewards?

The sum of points across the factors provides a point total that defines the relative value of a position.

Tangible Considerations Organizations often view interim workers as less expensive than permanent employees because they don’t carry the ongoing compensation costs nor do they pay benefits or payroll taxes, which average about 31% of total compensation (U.S.

And, if the geographic differentials are published , employees will have a clear understanding about how their total take-home pay may change based on their location.This level of pay transparency will result in a greater understanding of the compensation philosophy and employees will be equipped to make informed decisions about their compensation.

Not only will public companies need to provide a tabular disclosure of “compensation actually paid” to their CEOs/executive officers compared to absolute and relative total shareholder return, they also would be required to compare it to the Generally Accepted Accounting Principles (GAAP) metrics of “pre-tax net income” and “net income,” plus a “Company-Selected Measure” that represents the “most important performance measure used by the registrant to link compensation actually paid during the fiscal year to company performance.”

Think total rewards more than salary, but that’s tough for hourly jobs where people will change employers for a relatively small increase in pay.”

Some other changes that could last beyond the pandemic include: Revising the pay mix by increasing the base salary as a percentage of total cash, to attract talent, reduce anxiety/improve mental health, and protect talent from being poached by the competition, especially given the tight labor market across industries.

Action Items Employers should be communicating their compensation strategies to their employees to ensure they understand their total value to the organization, said Clarke.