Far-reaching workplace changes prompt employers to rethink work, Total Rewards and careers

Panel 1: Key pressure points where organizations experienced far-reaching changes over the past three years

72% ways of working including flexibility; 64% and 57% respectively technology strategy and accompanying data strategy; 59% emphasis on diversity equity and inclusion (DEI), 57% organizational agility; 57% leader and manager competencies. Note: Numbers indicate percentage responding 4 or 5 on a scale from not at all (1) to a very great extent (5).

Evolving business and financial strategies attraction and retention challenges and board and management concerns prompt organizations to address pressure points.

Panel 2: Sweeping workplace changes occurred against the backdrop of a tight labor market. Organizations will continue to have problems attracting, retaining and engaging employees.

Challenge: attracting - 2020 37%, 2022 70%, percent increase 87%.

Challenge: engaging - 2020 38%, 2022 48%, percent increase 25%.

Challenge: retaining - 2020 27%, 2022 61%, percent increase 126%.

Note: Percentages indicate “To a great/moderate extent”

Employers report difficulties attracting or retaining employees across the workforce 78% digital talent 56% salaried employees 48% sales force positions

Note: Percentages indicate “To a great/moderate extent”

Panel 3: Employers look to take action in three strategic areas: work, total rewards and careers. Increase in percentage of employers expecting extensive changes: 50% optimizing work and job design , 80% total rewards philosophy, 90% how they define careers.

Organizations making changes in these strategic areas are: 70% more likely to be making changes to their business strategy, more than two times as likely to be changing their financial strategy, more than two times as likely to be changing the skills required to get work done, 80% more likely to have new competitors for talent, and over 2.5 times as likely to be responding to stakeholder concerns about board effectiveness.

Panel 4: Top five actions for employers: Identify new sources of talent for work based on more flexible approaches to where when and how work gets done. Redesign jobs taking into account skills work value and changing employee preferences. Reset your total rewards philosophy and strategy for the new hybrid work environment by making tradeoffs between design and cost optimization. Drive environmental social and governance (ESG) and DEI goals through Total Rewards. Set an overarching career enablement strategy and define career alternatives.

About the survey: A total of 1,650 organizations globally employing 11.3 million workers

participated in the Reimagining Work and Rewards Survey, which was conducted October

28 through December 10, 2021.