Making total reward central to their benefits strategy has made LifeSearch’s employees feel truly valued
With an approach to total reward that communicates and illustrates to employees their overall value, LifeSearch has found staff are more engaged for knowing they are worth more to the company than just their basic salary.
This is just one of the reasons that LifeSearch took home the 2016 VIB for Best Approach to Total Reward – an entry, says Andrew Parker, senior people and culture leader, which was designed to help them scrutinise the strategy and assess its success.
“We felt that the work that we had done in the prior year was impactful, and that our people and our business had benefited from it” comments Parker. “The judging process helped us learn more lessons from it than we had already and also to learn from the good work other companies had been doing.”
Judges of the category noted in particular the ‘job family’ progression approach to staff development: opportunities for employees to move forward in the company in a non-linear way as opposed to the standard promotion structure offered by many businesses.
The total reward programme was designed to focus the 280 staff on understanding and valuing all aspects of work at LifeSearch – from learning and development opportunities, to flexible working and the power of the culture – in the same way they value their wider pay and benefits.
“We wanted to be seen externally as an attractive, progressive employer and internally, to further improve retention and engagement and deliver cost effective reward increases,” says Parker.
“Winning the VIB has helped remind our people that they work for a great business, and given our team further motivation to do good things and keep shaping our business. It’s made us more attractive to people that want to join our business. Reward is so important to everybody that to see a business that has been independently lauded for its work in this area is very attractive to candidates.”
Parker’s sights are set high for this year, with plans to further develop the total reward philosophy with more new benefits and a holistic wellbeing programme.
“We’ll also be further growing our career development and training platforms,” he adds. “And for the first time, being judged for Best Companies!”
Is your total reward strategy a winning one? ENTER THE 2017 VIBS NOW!