132: Maximize Your Total Rewards Strategy | Megan Nail

Megan Nail, Vice President of Total Rewards Practice at NFP, works with companies to help them create unique and meaningful rewards packages to attract and retain talent.

In this episode, Megan discusses the dramatic changes rewards strategies have undergone and explains why it’s an opportunity for organizations to get creative. Listen to learn how to customize your employee benefits offerings. Along the way, Megan will share some of the most tantalizing offerings she’s seeing right now.

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Truth You Can Act On 

  1. Customize Your Total Rewards Strategy 

Supporting Quote 
Megan Nail: “A lot of companies think you have to be a really large organization to do total rewards well, and that’s not true. There are large organizations and small organizations and ones in between that do it well. They do that by recognizing the diverse needs of their employees. So if you’re a large organization, that might include understanding the different types of populations that you have of employees and what they need. If you’re a small organization, you have the advantage of being able to have that one-on-one conversation with them.” 

  1. Get Creative With Your Benefits

Supporting Quote 
Megan Nail: “I really think employees are stepping back and reassessing what they are looking for out of their employment experience. A lot of that is why we’re seeing the Great Resignation or the Great Rethink or whatever you want to call it. People are really thinking about what is most important to them, and it’s pretty likely what’s most important to them right now is different than what it was a few years ago. And that creates a lot of opportunity for employers to have a conversation with their employees to meet them where they are and make sure the rewards and the benefits in the programs that we’re providing are actually adding value to their employees. Because when we bring all of that together, that’s when we really get the power and the value out of a total rewards package.” 

  1. Let Qualitative Data and Research Inform your Total Rewards Strategy

Supporting Quote 
Megan Nail: “When you’re looking at those really technical areas, like compensation and benefits, it’s a great idea to have some market data just so you know where you stand and have a roadmap to where you want to go. But it’s really important to have that qualitative piece as well and to think about what you want to focus on in your organization. How we really get at that is by not only speaking to the leadership team but understanding what the employees are looking for and trying to really bring those three elements together. Leadership feedback and direction, employee feedback and desires, and the data to support it all. The reality is we can only do so much at any one time, from both a time and a financial resource, so we have to create a roadmap and think about where we’re going in the future and how we’re going to prioritize that to make the biggest impact to our people. ”

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