New ways of working, shifting skill requirements and changing employment relationships are transforming the workplace. Are your total rewards keeping up?
Getting total rewards right can mean the difference between competing effectively in the global talent marketplace and being left behind. A consumer-grade total rewards portfolio of pay, benefits, wellbeing and career programs serves as a catalyst, driving attraction, retention and engagement of talent essential to your business success. Yet, in many organizations, total rewards are not evolving quickly enough to keep pace with the new world of work.
Identifying the forces reshaping the workplace
WTW helps organizations address the issues and trends that are reshaping the workplace and increasing the pressure on employers to modernize their total rewards:
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The digital transformation of the workplace, redefining how, where and by whom work gets done.
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The changing expectations of a multigenerational workforce that values transparency and a personalized, consumer-centric talent experience.
New legislative and regulatory developments that are driving changes in areas such as pay equity and the broader inclusion and diversity agenda.
An urgency to deliver an improved ROI.
We can show you how to take these factors into account in the design and delivery of your total rewards strategies and programs.
Building a differentiated total rewards portfolio
The following levers can help you build a total rewards portfolio that sets your organization apart from the competition:
Think strategically. Because it takes more than compensation to motivate and engage talent, leading organizations think strategically and incorporate all total rewards components – pay, benefits, wellbeing and careers – into their offerings.
Take a future-focused approach to rewards. In a fast-paced, agile work environment, organizations need to focus on rewarding talent with skills critical to their future success. This also involves identifying reskilling pathways for individuals whose work will be affected by automation and who have the potential to acquire new skills.
Understand what workers value. Insights from segmentation and survey analytics enable organizations to understand the rewards that key talent groups – including contingent workers – value most and to develop programs tailored to meet their needs.
It’s also essential for employers to recognize employees’ heightened expectations around pay fairness and transparency in how reward decisions are made and communicated.
Deliver a consumer-grade experience. Today’s employees increasingly expect to be treated like consumers in the workplace. When it comes to total rewards, this involves making savvy use of technology to provide more choice, flexibility and personalization.
Measure cost and impact. Given the significant investment organizations make in total rewards programs, it’s crucial to have an accurate measure of financial return as well as impact on employee attraction, retention and engagement.
Organizations who see the value of more sophisticated analytics can use tools such as total rewards optimization to measure the proportion of spend on key talent segments and assess which rewards have the biggest impact on employee attitudes and behaviors. This approach helps avoid the risk of investing in the wrong programs.
Prioritize inclusion and diversity. It’s critical for employers to develop a formal inclusion and diversity framework so that total rewards programs can better meet the needs of a diverse workforce and promote an inclusive culture.
These measures will guide your organization in developing a differentiated total rewards portfolio, thereby enhancing your ability to compete for high-value talent.
WTW is committed to helping your organization build and deliver total rewards programs that bring the highest possible value to your key talent groups at the most economical level for the organization.
