New ways of working, shifting skill requirements and changing employment relationships are transforming the workplace. Are your total rewards programs keeping up?
Getting total rewards right can mean the difference between competing effectively in the global talent marketplace or being left behind.
An integrated total rewards portfolio of pay, employee benefits, employee wellbeing and career programs incentivizes performance and enables a culture of wellbeing and diversity, equity and inclusion (DEI). It also drives attraction, retention and engagement of the essential talent your business needs to succeed.
Yet many organizations do not update their total rewards strategies to keep pace with the changing dynamics of today’s environment.
How are workplace changes impacting total rewards?
We help organizations address the issues and trends reshaping the workplace and challenging employers to modernize their total rewards strategies:
- The digital transformation of the workplace, redefining how, where and by whom work gets done
- The changing expectations of a diverse workforce that values transparency and a personalized employee experience
- New legislative and regulatory developments that are driving changes in areas such as pay equity and the broader DEI agenda
- An urgency to make total rewards spending more effective
Using our robust global data and research (on both employer practices and employee sentiments) our extensive expertise in pay, benefits, wellbeing and careers and leading-edge technology solutions, we’ll partner with you to design and deliver total rewards strategies and programs that turn today’s challenges into tomorrow’s opportunities.
What makes a total rewards strategy competitive?
We can help you build a total rewards strategy that sets your organization apart from the competition by:
Getting your cost structure right: You invest heavily in your total rewards programs, so it’s crucial to have an accurate measure of financial return and impact on employee attraction, retention and engagement. Organizations that value more sophisticated analytics can use tools such as total rewards optimization to measure the proportion of spending on key talent segments and determine which rewards have the biggest impact on employee attitudes and behaviors. This approach helps avoid investing in the wrong total rewards programs.
Understanding what workers value: Insights from segmentation and survey analytics help you understand the rewards that key talent groups – including nontraditional workers – value most and to develop programs tailored to meet their needs.
Assessing the market competitiveness of your programs: The competitive landscape is shifting quickly, and you need to have a pulse on what’s changing, what’s trending and whether your current total rewards offering is keeping up.
Delivering a consumer-grade experience: Today’s employees increasingly expect the way they access benefits and rewards to resemble the consumer experience they are accustomed to outside of work. When it comes to total rewards programs, this involves making savvy use of multi-channel technology to provide more choice, flexibility and personalization.
Prioritizing DEI: You must develop a formal DEI framework so that total rewards programs can better meet the needs of a diverse workforce, promote an inclusive culture and build your employer brand. It’s also essential for you to recognize employees’ heightened expectations around pay fairness and transparency in how reward decisions are made and communicated.
Driving environmental, social and governance (ESG) objectives: Human capital is key to ESG success. Strategic total rewards programs can be the spark that inspires your employees to put their all into contributing to your organization’s ESG priorities.
Aligning total rewards to new work models: In a fast-paced, agile work environment, you need to align pay, career programs, core and voluntary benefits with work transformation and workforce evolution, including flexible work and broader automation and digitization transformation.
These measures will guide your organization to develop a differentiated total rewards strategy, enhancing your ability to compete for high-value talent and more efficiently manage your total rewards spending.
We are committed to helping your organization build and deliver total rewards programs that drive competitive value for your organization.
