Reward

In today’s competitive and inflationary environment, many organizations are focused on containing costs, yet they also realize that they need to do their utmost to attract and retain the best talent. This makes it increasingly important to optimize the return on their investment in reward. In a present and future where talent is a scarce resource, what can organizations do to stand out from the crowd as an employer of choice? Traditionally, this means offering higher salaries and larger benefit packages. This has two major disadvantages: it is not enough to compel employees to stay and it erodes profitability, making it unsustainable in the long run. This realization is forcing organizations to take a long, hard look at their reward practices and find new ways to tackle the issue. This book looks at how emerging trends like GenAI, increased transparency and the increasing cost of living impact reward. Instead of focusing purely on financial benefits, the five-pillar approach outlined in these pages takes organizations on an investigation of every aspect of their current reward system: from evaluating the value of jobs within the organization and benchmarking salaries across their industry or region, to carrying out employee preference studies that ask employees which financial and non-financial benefits they value. The resulting reward systems speak for themselves: cost-efficient, customizable, flexible and compelling reward that attracts and retains key talent. How can your organization benefit?