Total Rewards Programs
Attracting and retaining top talent is a top priority for most organizations, especially for those in emerging markets. According to Willis Towers Watson’s 2018 ModernizingTotal Rewards Survey, Total Rewards programs play a critical role in an organization’s ability to compete for and retain top talent. The problem is, today’s workplaces are agile, digitally disrupted, and constantly changing so many organizations struggle to keep up with their Total Rewards programs. Luckily, this survey also revealed what industry leaders do differently that helps them keep their Total Rewards program relevant, effective, and competitive.
What Industry Leaders Do Differently
The number one thing that industry leaders do differently, is think strategically about their Total Rewards programs. Instead of using the traditional approaches, leaders are using breakthrough approaches in terms of program design and delivery. Industry leaders are constantly improving offerings based on analytics and they utilize technology to get their workforce engaged. They also incorporate all Total Rewards components into their offerings, including:
- Pay: They address ongoing global and regional pay challenges, as well as new pay challenges that emerge due to legislative or political factors.
- Benefits: They optimize their benefits portfolio and frequently evaluate the financing and delivery of benefits to make sure they are meeting the needs of evolving talent.
- Wellbeing: They address health holistically and offer a wellness program that focuses on improving their employees’ physical, emotional, social, and financial health.
- Career Opportunities and Personal Development: They offer career management and personal development opportunities through agile and personalized experiences.
Thinking strategically when it comes to Toal Rewards programs really pays off. The 2018 ModernizingTotal Rewards Survey found that only 24% of these leading organizations face talent attraction struggles compared to 48%. They also experience fewer challenges attracting critical-skil and high- potential employees when compared to other organizations. When it comes to retaining top talent, only 25% of leading organizations have retention problems compared to 40% of lagging organizations. These results prove that investing in your Total Rewards program and keeping it modernized will help keep your organization competitive when it comes to attracting and retaining top talent.
For more information, click here to download the Willis Towers Watson’s 2018 ModernizingTotal Rewards Survey!