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How to Tailor Rewards for Flextirement Employees Total rewards packages may look different for retirement-age employees working fewer hours, but employers should still consider that population’s needs .

But, the total pay increase budget, projected at 4% for 2023, is still less than half of the inflation rate (8.3% for the 12 months ended August 2022).

In WorldatWork’s 2024 Total Rewards Inventory of Programs & Practices , 69% of the nearly 1,000 responding organizations reported offering paid time off for employees to vote, and 33% reported offering unpaid time off to vote.

In the area of total rewards, improvements may come in the form of: More targeted, personalized benefits;Compensation adjustments at the individual, role, team or holistic level;An increased focus on work-life balance and well-being;Professional development opportunities that better meet worker expectations and organizational needs;Effective, frequent and sufficient recognition (both formal and informal).; The act of collecting employee feedback alone can improve morale, benefiting the workplace culture, but taking some additional steps may help to maximize survey outcomes for the organization, the HR and total rewards team, and the 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: ;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.

So, What Can Total Rewards Pros Do?

For WorldatWork Members The Digital Watercooler: Building the Culture Connection Remotely , Workspan Daily Plus+ article;Employing Age-Friendly Work Practices for Multigenerational Workforces , Journal of Total Rewards article;Total Rewards Inventory of Programs & Practices , research;Total Rewards Leader 2026 Priorities , research; For Everyone How to Sustain a Strong Workplace Culture During Rapid Growth , Workspan Daily article;Culture May Be the Antidote to Your Toxic Work Environment , Workspan Daily article;Workplace Friendships Are Critical to Talent Acquisition, Retention , Workspan Daily article;Accessibility and Belonging: The Keys to Employee Retention , Workspan Daily article;A Sustainable Culture for Employees to Thrive In , Workspan Daily article; Amid the strains of a slow job market, artificial intelligence (AI) fears and economic uncertainty, U.S. workers are noting their employer’s workplace culture as a top priority, according

, Workspan Daily; ;Designing Executive Compensation Peer Groups for Maximum Impact , Workspan Magazine; ;Compensation Committee Toolkit , WorldatWork Tool; ;Total Rewards Inventory of Programs & Practices , WorldatWork Research; ;Compensation Structure Policies and Practices , WorldatWork Research; 4 Factors Influencing Compensation Philosophy As organizations seek to make changes to their compensation philosophy guidelines, four areas are seeing pronounced shifts, according to compensation experts: pay transparency, DEI, total rewards and equity and incentive usage.

For WorldatWork Members ;Technology to Move the DEI Needle , Workspan Magazine article;AI Copilots: Improving the HR Experience for Employees , Journal of Total Rewards article;TR Is Key to Successfully Integrating AI and Work , Journal of Total Rewards article; For Everyone ;New U.S.

For instance, if employees want to shift $100 in base pay to bonus, they would get $100-$125 added to their their bonus – a 10%-25% premium in total compensation opportunity.