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As power shifts from employer to employee , organizations will have to reframe the social contract between themselves and their workers, which will have to include the types and delivery mechanisms of rewards to their workforce.

"We continued to make substantial investments in our total rewards program in wages, health and welfare benefits, and training and development, but what really changed is how we market and brand our total rewards program to raise awareness and increase utilization with our workforce."

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: ;Equitable and Diverse Workplaces; ;Employee Benefits; ;Total Rewards; ;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 WorldatWork Members Helping Employees Secure Their Retirement Future , Journal of Total Rewards article;FAQs to Help You Navigate Employee Retirement Discussions , Workspan Daily Plus+ article;Checklist: Questions and Resources to Prep Employees for Retirement , Workspan Daily Plus+ article;How TR Pros Can Help Workers Financially Prepare for Retirement , Workspan Daily Plus+ article; For Everyone The Critical Role of Retirement Income Projections in DC Plans , Workspan Daily article;Retirement Industry Trends to Watch for in 2025 , Workspan Daily article;Retirement Plans: Design Considerations & Administration , course; NEW!

The calculation: ;Total hours worked by FT employees: ;50 FT employees x 2,080 = 104,000 hours per year;; ;Total hours worked by PT employees: ;20 PT employees x 30 = 600 hours per week; ;600 hours per week x 52 weeks = 31,200 hours per year;; ;Calculate total FTEs: ;104,000 hours (FT) + 31,200 hours (PT) = 135,200 hours; ;135,200 hours / 2,080 hours = 65 FTEs;; Therefore, while the headcount is 70 employees, this organization has 65 FTEs.

For WorldatWork Members : ;Employee Engagement: Drivers, Measures and Outcomes , Journal of Total Rewards article;The Role of Employee Ownership in Total Rewards Strategy , Journal of Total Rewards article;Measuring Up Mentorship Programs , Workspan Magazine article;Internal Mobility Keeps Employees from Moving On , Workspan Magazine article;Total Rewards Inventory of Programs & Practices , research;Total Rewards Inventory Checklist , tool ; NEW!

Our exclusive resources, research and online tools will elevate you and your organization to industry - excellence in Total Rewards.

Our exclusive resources, research and online tools will elevate you and your organization to industry - excellence in Total Rewards.

See Issue Journal of Total Rewards Q1 2021 Inclusion, mental health, societal inequalities and Whole-Person Workplace Values are examined in this issue of the Journal of Total Rewards.

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