REWARD

In today’s competitive and inflationary environment, many organisations are focused on containing costs, yet they also realise that they need to do their utmost to attract and retain the best talent. This makes it increasingly important to optimise the return on their investment in reward. In a present and future where talent is a scarce resource, what can organisations do to stand out from the crowd as an employer of choice? Traditionally, this means offering higher salaries and larger benefit packages. This has two major disadvantages: it is not enough to compel employees to stay and it erodes profitability, making it unsustainable in the long run. This realisation is forcing organisations to take a long, hard look at their reward practices and find new ways to tackle the issue. This book looks at how emerging trends like GenAI, increased transparency and the increasing cost of living impact reward. Instead of focusing purely on financial benefits, the five-pillar approach outlined in these pages takes organisations on an investigation of every aspect of their current reward system: from evaluating the value of jobs within the organisation and benchmarking salaries across their industry or region, to carrying out employee preference studies that ask employees which financial and non-financial benefits they value. The resulting reward systems speak for themselves: cost-efficient, customisable, flexible and compelling reward that attracts and retains key talent. How can your organisation benefit?