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Employee Benefits News

Latest News
28 Sep 2015

Total reward long-term solution for staff retention, says Novartis

As companies struggle to attract and retain the best talent, one long-term solution could be creating a more collaborative working environment through total reward, the Employee Benefits website reports.

Speaking at the Employee Benefits Live 2015 conference, Marie-Noelle Gagnon – HR business partner at Novartis Oncology – explained that the company is using its total reward strategy to move away from a performance-driven corporate culture, to one that has more of an emotional connection between staff and bosses.

Noting that pay is no longer the most important factor for employee engagement, and that it only offers a short-term way to manage recruitment and retainment, Gagnon argues that building an emotional connection between employer and employee through an effective total rewards strategy provides a more long-term solution.

“With every single challenge comes opportunity. We have a lot of challenges, which means we have a lot of opportunities. And opportunities reside in [a] total reward strategy,” she told delegates.

The total reward approach at Novartis Oncology consists of a host of initiatives designed to foster this emotional connection, as well as a yearly ‘One Life´ enterprise to promote a positive work-life balance and identify the company as an employer of choice for candidates. Across its international locations, employees from various countries suggest an idea to encourage a healthy work-life balance; these are then published in a best practice report and distributed to all employees.

Employers should do their utmost to ensure that basic total reward strategies are being implemented, before considering additional schemes that would be genuinely beneficial for staff.

“The total reward strategy will be the connector between the business and [employees], and [employees] and the business,” says Gagnon, “so you have to make sure that it´s right.”

“The reward programme will dictate the culture so it´s really important that [employers] take the time to review their total reward strategy.”

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