Most American companies are considering incentives which help to balance work and personal life as the key to retain and attract talent, a survey has said.
As per the survey of 741 MNCs by global HR consultancy Mercer, conducted in association with WorldatWork, more than half of the companies now consider 'work-life' initiatives a staple of total rewards.
The total rewards programme refers to integration of compensation, benefits, work-life initiatives (flexible work schedules, extra vacation and sabbaticals) and career development for attracting and retaining talent.
The survey revealed that the top business objectives for implementing a total rewards programme are retention of top performers, enhancement of the company's financial performance and attracting key talent.
The survey found that 59 per cent of respondents included work-life initiatives in addition to compensation (base salary, incentives and guaranteed payments) and benefits (retirement and medical) in the total rewards.
"The past year has been financially difficult for organisations, and talent considerations have taken a back seat to cost considerations," Mercer senior partner Steve Gross said.
"Balancing no- or low-cost total rewards components such as work-life initiatives with pay and benefits is critical for retaining top performers, attracting new employees and enhancing the company's financial performance," Gross added.
