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White Paper

How organizations are shifting their approach to total rewards

June 12, 2023

How leading companies ensure their total rewards—the right mix of compensation, benefits, wellbeing and career programs—are effective and stay relevant to employees.
Work Transformation|Inclusion-and-Diversity|Employee Experience|Ukupne nagrade |Benessere integrato

We interviewed 20 total rewards leaders to discover how their businesses are evolving, whether their total rewards fulfill current needs and how they are preparing for future challenges.

The total rewards leaders interviewed represent large, complex organizations across various industries, many of which have global footprints. Several of these organizations are part of the Global Fortune 100 with revenues exceeding $50 billion. And each significantly impacts society and the economy through their products, services and business practices.

Drawing on the experiences and perspectives of these total rewards leaders, this white paper offers guidance for organizations seeking to optimize their total rewards strategy and drive business value.

Moving away from “fighting fires” and toward intentional planning and decision-making, the white paper reveals that total rewards leaders are focusing on seven key areas:

Using different rewards and labor strategies to gain an edge

Focus Area #1: Using different rewards and labor strategies to gain an edge

Getting creative in how they customize rewards to compete for talent.

Listening with intent

Focus Area #2: Listening with intent

Adopting a new mindset around employee listening to stay on top of changing expectations.

Rethinking market alignment

Focus Area #3: Rethinking market alignment

Rethinking what it means to be "market aligned" and what that role plays in pay and benefits decisions.

Striving for transparency

Focus Area #4: Striving for transparency

Shifting how they approach total rewards communications, including how to achieve pay transparency.

Devising new ways to tackle cost management

Focus Area #5: Devising new ways to tackle cost management

Being more intentional about how money is spent, rather than focusing exclusively on cost-cutting.

Driving productivity

Focus Area #6: Driving productivity

Rethinking how they can improve the productivity of employees and deliver better business outcomes.

Positioning total rewards as a strategic function

Focus Area #7: Positioning total rewards as a strategic function

Addressing how to position themselves as strategic contributors to broader business outcomes rather than being pigeonholed into a reactive, administrative role.

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