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Amidst continuing economic challenges, difficulty with recruitment, staff turnover remaining high, and some industries needing to cut their workforce, 2024 will be another year for organizations to stay resilient. Action plans will need to be put in place to help balance budgets and restore compensation philosophies. Nonprofit organizations are not immune to these challenges.
Every organization needs the right talent, as it is critical for the growth of the business. However, tight operating budgets and careful allocation of funds in the nonprofit sector make recruitment and retention efforts challenging. Understanding the value of a total rewards program can make all the difference.
A total rewards package can contain ways for organizations to provide monetary and tangible employee benefits. A comprehensive total rewards package goes beyond the base pay and includes essential benefits like health insurance, retirement plans, paid time off, and additional perks such as wellness programs, flexible work arrangements, and professional development opportunities. Each component plays a crucial role in shaping the employee experience and fostering a sense of value and appreciation within the workforce.
