Encouraged to Re-focus on Employee Wellbeing for a More Productive Workforce
An expert in Human Resource Management, Mr. Lanre Olaleye, has defined the Total Reward Model of employees’ well-being as the monetary and non-monetary return provided to employees in exchange for their time, talents, efforts and results. He stated this at the Department of Business Management’s Town & Gown Interaction, November 5, 2015 at the University’s Centre for Entrepreneurial Development Studies.
While speaking at the session which was tagged, ‘Rethinking Employee Wellbeing in HRM Practice: Focus on the Total Reward Model,’ Mr. Olaleye described human capital as a major driver of every aspect of the organisational life. Speaking on current trends in employee wellbeing, he stated that employers are depending more on health and wellness initiatives to build and foster a successful and productive workforce.
“As health-care costs have risen dramatically during the past decade, employers have had little choice but to pay attention to the collective health of their employee population. Research has shown that physically healthy workers are more productive and resilient, and don’t incur the myriad of costs associated with physically unhealthy workers,” he said.
Mr. Olaleye defined the Total Reward Model as, “That which provides a framework for designing, implementing and assessing the reward packages offered throughout the organisation.” He said that Total Rewards are the monetary and non-monetary returns provided to employees in exchange for time, talents, efforts and results. “Total rewards,” he said, “involve the deliberate integration of five key elements which include Compensation, Benefits, Work-Life, Performance and Recognition as well as Development and Career Opportunities that effectively attract, motivate and retain talents required to achieve desired business or organisational results.”
In his remarks while representing the Dean, College of Business and Social Sciences, Professor Francis Iyoha, the Sub Dean of the College, Dr. Oluwole Iyiola, appreciated the guest speaker for his availability and encouraged the participants to give adequate attention to the forum in order to gain maximum benefit from the exercise. He described the guest speaker as a man with many years of hands-on experience in Human Resource Management, who has a lot to impart.
Dr. Iyiola further stated that the University needs as much industry interaction as it can get in order to provide more catalyst towards the achievement of its great vision of joining the league of world class universities in less than ten years from now.
Present at the event were the immediate past Registrar, Dr. Olumuyiwa Oludayo; the representative of the Head of Department of Business Management, Dr. Anthonia Adeniji; immediate past Director, Centre for Entrepreneurial Development Studies, Dr. Chinonye Moses; other members of the Department of Business Management and members of the Directorate of Media and Corporate Affairs.