CHEER Explains: Monetary
We’ve been posting a number of videos on our YouTube channel around various HR/Engagement terms, to help introduce you to them.
Now I’ll be uploading them to this very website.
This time it’s Monetary reward (a pillar of EVP)
💷 Definition: Tangible rewards, benefits, and perks Essentially, any reward or benefit that a company pays for to keep employees happy (or compliant!).
From pay to bonuses, commission, healthcare packages and ‘sign on’ bonuses, this pillar of EVP is usually the most discussed, most focused on, most used as leverage, most negotiated, and partly because of that the most straightforward pillar to define.
💷 Example Topics:
– My Salary
– Company/Personal bonus or Commission
– Healthcare Packages
– Perks Providers
– Profit Share
💷 Who does this well? Companies with the Employee Stock Ownership model (ESOP): John Lewis where all employees are ‘Partners’ and share in company profits. This approach is also used by US retailers Publix and WinCo, who are 100% employee owned, and Richer Sounds in the UK, where 60% of the company shares are in an employee ownership trust.
💷 More on this category on my Linkedin Article here
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