From Welfare to the Total Reward plan
The Welfare Plan has become one of the most widespread assets in companies to support employees and their families. But this is not enough; what is missing is an integrated approach to “distributed internal value” that allows to maximize the exchange of value between employees and the company, and capitalize on the mutual advantages. Sapiens supports companies in structuring welfare plans integrated into the sustainability plan. In addition, looking at all the initiatives that a company can implement to make the lives of its employees more satisfying, it implements the Total Reward approach, to deeply integrate the value offered to employees with organizational development and corporate culture.
Corporate social responsibility is measured in terms of improving conditions for its employees, shareholders, communities, and the environment. But moral responsibility goes further, reflecting the need for companies to address fundamental ethical issues such as inclusion, dignity, and equality.
Klaus Schwab, founder and president of the World Economic Forum
From Welfare to Total Reward Plan according to Sapiens
“A set of value propositions offered by the company to its employees to improve the quality of corporate life of collaborators and families, and promote benefits for both the individual and the entire organization”.
“I want to listen to my employees about their real needs or difficulties, to understand how to best respond to their needs. I want to contribute to their well-being, both in the company and in their personal and family life”.
WELFARE PLANS
To be truly effective, welfare plans must be built starting from listening to workers.
Their needs must be integrated with the available resources, carefully considered so that the plan is sustainable in the long term, and defining the objectives for which the plan is developed (reduce absenteeism, increase concentration, maximize tax benefits, etc.).
The plan is therefore developed following the logic of flexibility (workers’ needs) and customization (company needs/objectives).
It is essential to communicate the plan clearly, so that workers fully understand the benefits and how to access them.
Finally, it is essential to monitor the effectiveness of the plan over time, intercepting any dissatisfaction or difficulties.
INCENTIVE MECHANISMS
Achieving sustainability and business goals does not happen through the work of a single person, but rather is the result of a well-defined team process, which must be planned and monitored over time.
We support the company in all the fundamental phases of the process, ranging from (1) defining the objectives, to (2) communicating them, to (3) monitoring and managing problems and (4) evaluating performance.
This process allows for the deep integration of organizational development with the transition towards sustainability, gradually involving all the company’s collaborators.
Sapiens supports organizational development both with individual development support and with that of corporate teams and groups.
TOTAL REWARD PLANS
A Total Reward Plan is a complex system of management of distributed internal value. It is in some way the extension of the Welfare Plan, which is a part of the overall value that the company must and can generate and manage.
In our experience, companies offer employees a higher value than they realize, with inevitable unwanted consequences on the quality of relationships and the sense of belonging.
A Total Reward Plan therefore allows you to plan, implement, manage, communicate and enhance the value offered to collaborators according to criteria of efficiency and strategic effectiveness.
The Plan is anchored to reporting and the sustainability management system, organizational development and corporate culture.
Advantages
It benefits from a tax incentive that significantly reduces costs for businesses and eliminates taxation for the worker
It helps reduce turnover and improves loyalty by making workers feel more appreciated and motivated to stay
Promotes i mental and physical well-being and work-life balance, helping to maintain high engagement, creating a positive and productive environment
Effective aligns the “company” team to achieve objectives
Improves communication and cohesion between people
It really supports employees in dealing with daily expenses
Attracts talent and new skills
Facilitates talent retention in the company
Significantly improves corporate branding and attractiveness in the world of works
Why Build a Welfare and Total Reward Plan with Sapiens
The centrality of people, especially their well-being, has become the fulcrum of all work organizations, which cannot avoid undertaking a virtuous path towards the valorization of ESG criteria without dwelling on the letter S, thus passing through the adoption of tools that place the improvement of people’s conditions, the elimination of any possible discrimination, the orientation towards shared values at the center of corporate life.
At Sapiens we do this by integrating the Total Reward Plan with the sustainability plan, organizational development and corporate culture, convinced that the push for change is totally ineffective if “imposed from above”, but is instead a bearer of real commitment from the entire organization if fueled by the development of knowledge, skills, abilities of the people involved, well-being in the workplace.