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:
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.