Is your reward strategy fit for purpose?

We have heard a lot about a chronic skills gap in the workforce: A mismatch between the demand and supply of talent means that getting (and keeping) the right people has never been more challenging. With a rapidly changing and increasingly disrupted world, companies not only need the traditional technical skills and experience, but also need people with an agile mind-set and entrepreneurial spirit. Incentive structures are one of the key levers that can increase a company’s attractiveness to these in-demand employees. In fact, in our recent CEO survey, one-third of global CEOs surveyed said just that: they expect enhanced pay, incentives and benefits to have the greatest impact on attracting, retaining and engaging the right Talent.


What is influencing reward strategy? We see these themes emerging:

is_your_reward_strategy_fit_for_purpose

In our experience, the most successful reward strategies have three things in common:

  • They recognise and are sensitive to individual employee needs
  • They deploy technology to deliver an engaging experience to employees
  • They reinforce the value statements, culture and purpose of the organisation

Get these factors right with your reward strategy, and you will be well positioned to attract and retain the talent you need.

 

You can find the full text here.

 

If you’d like to discuss your reward strategy with an expert, please feel free to contact Stuart Jones.

 

Published by

stuartjones

stuartjones

Stuart works in PwC’s People and Organisation consulting practice, helping organisations manage their people and deal with change.

Working with PwC since 2008, initially in London and now based in the Zurich office, Stuart has deep understanding of the issues impacting organisations operating across borders. As a market specialist in banking and investment management, he has worked with many organisations operating in two of the world’s premier global financial hubs.

He is a specialist in employee incentives, supporting organisations through regulatory and organisational change, and has a keen interest in how organisational culture can be shaped to secure sustainable competitive advantage.