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In this conversation, Tim Reitsma and David Turetsky explore the evolving landscape of total rewards in the context of the future of work. They discuss how total rewards have expanded beyond traditional compensation to include elements like career development, culture, and employee engagement. David emphasizes the importance of viewing HR as a business function rather than a cost center, advocating for investment in employee training and upskilling. The discussion also touches on the need for personalization in total rewards and the importance of clear communication with CFOs regarding the ROI of HR initiatives. Overall, the conversation highlights the critical role of HR in shaping a successful and engaged workforce in the modern business environment.

Takeaways

• Total rewards are more than just compensation: They encompass salary, benefits, career development, culture, and upskilling, all of which contribute to motivating employees and driving business success.
• Shift HR from a cost center to a business function: HR needs to be viewed as a value-generating function, where investments in people are seen as strategic contributions to the organization’s long-term goals.
• Upskilling is critical for future success: Investing in employee development, particularly in areas like AI and emerging technologies, is crucial for staying competitive and adapting to the future of work.
• Personalization is the future of rewards: Companies should consider offering flexible reward structures that cater to individual employee needs, such as health spend accounts or customizable compensation packages.
• Communicate ROI of HR initiatives effectively: HR leaders need to collaborate with finance and other departments to demonstrate the ROI of total rewards and training programs, positioning them as investments rather than costs.

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