MINNEAPOLIS--(BUSINESS WIRE)--WorldatWork, a nonprofit human resources association and leading compensation authority, unveiled its new Total Rewards Model today at the WorldatWork Total Rewards 2015 Conference & Exhibition in Minneapolis.
Increasingly, external forces such as economics, the labor market, cultural norms and regulatory changes are reshaping our workplace and the total rewards strategy. Updated with numerous improvements, the newly designed WorldatWork Total Rewards Model serves as a valued resource for companies worldwide to create a successful business strategy that attracts, motivates, retains and engages employees.
“It has become clear that the battle for talent involves a highly effective, strategically designed compensation and benefits program,” said Anne Ruddy, president and CEO of WorldatWork. “As the concept of total rewards accelerates in the workplace, companies realize they must take a much broader look at these factors. We knew it was the right time to re-examine our total rewards model, and we are confident the new framework advances the concept and helps organizations think about and execute innovative strategies in today’s new age of business.”
The idea of total rewards emerged in the 1990s, and in 2000 WorldatWork introduced its first total rewards model. The concept was redesigned in 2006 as organizational and departmental structure changes allowed for better integration, professional understanding and visibility, garnering notice from managers and C-suite executives. The new model, which coincides with WorldatWork’s 60th anniversary, has been updated with numerous elements that play a vital role in organizational structure.
Two changes are perhaps most notable from the previous model, a fourth verb, engage, has been added to describe total rewards’ contribution to an organization. Total rewards is part of an organization’s strategy to attract, motivate, retain and engage employees. A sixth tool, talent development, has been added so the tool kit better serves as a foundation and guidepost for intellectual capital development.
The six elements of total rewards now include programs, practices, elements and dimensions organizations can use to offer and align a value proposition that benefits both the organization and the employee. These elements are:
|• Compensation||• Benefits|
|• Work-Life Effectiveness||• Recognition|
• Performance Management
• Talent Development
The Total Rewards Association
WorldatWork (www.worldatwork.org) is a nonprofit human resources association for professionals and organizations focused on compensation, benefits and total rewards. It's our mission to help total rewards professionals achieve their career goals and influence their organizations’ success. We do so by providing thought leadership in total rewards disciplines from the world's most respected experts and fostering an active community of total rewards practitioners.
Founded in 1955, WorldatWork has offices in Scottsdale, Ariz., and Washington, D.C., and is affiliated with more than 70 human resources associations across the United States and around the world.