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1、Mapping the new Total Rewards journey Rethinking the value proposition for an evolving workforce Global findings from the 2018 Modernizing Total Rewards Survey In the new world of work, the process of designing and delivering Total Rewards programs becomes an ongoing journey requiring regular course
2、 corrections to address the evolving needs of both the workforce and the organization. Mapping the new Total Rewards journey 1 Table of contents Introduction.2 Leaders: what they do differently .3 Leaders have a strategic mindset .4 Leaders aim for a consumer-grade experience .5 Identifying the gaps
3、 .6 1. Understanding what employees value .6 2. Addressing the needs of the whole person through wellbeing initiatives .6 3. Using technology to improve employee insights, communication and decision making.7 4. Measuring the cost and impact of programs .9 5. Prioritizing fairness, purpose-driven ben
4、efits, and inclusion and diversity .11 Setting priorities .13 Mapping your pathways.15 Mapping the new Total Rewards journey Global findings from the 2018 Modernizing Total Rewards Survey 2 Figure 2. Leaders stay ahead of competitors with breakthrough approaches to Total Rewards design and delivery
5、They take the following steps to develop a differentiated portfolio of Total Rewards programs: Think strategically and incorporate all Total Rewards components into their offerings Use analytics to better understand the expectations of their diverse, multigenerational workforce Make savvy use of lat
6、est technology to engage their employees where they are By taking these actions, leaders position themselves to deliver a consumer-grade experience. Figure 1. Leaders think strategically and incorporate all Total Rewards components into their offerings Pay Addressing global and region-specific pay c
7、hallenges, both ongoing and those emerging in light of legislative and political factors Benefits Optimizing the benefit portfolio, financing and delivery to meet evolving talent and organizational needs Wellbeing Addressing the full wellbeing spectrum for todays employee: physical, emotional, socia
8、l, and financial challenges and opportunities Career and development Transitioning career management to career enablement through agile, personalized experiences to optimize organizational and individual needs Total Rewards programs are critical to a companys ability to compete for talent in todays
9、agile, digitally disrupted workplace, yet in many organizations these programs are not evolving quickly enough to keep up with the new world of work. Companies face pressure to modernize their Total Rewards programs due to a number of forces: Changing expectations of a global, multigenerational work
10、force that places a premium on the sharing of information; transparency; flexibility; and a personalized, consumer-centric talent experience The digital transformation of the workplace, redefining how, where and by whom work gets done Legislative and regulatory changes affecting human capital progra
11、ms A new urgency to manage program risk and deliver an improved ROI The need to balance requirements for global consistency and local flexibility in Total Rewards program design and administration But to modernize Total Rewards programs, employers need to fundamentally rethink traditional approaches
12、 in order to better prioritize their investment in programs that provide the most value to people, in the form of desired programs and features delivered within a consumer-grade experience, and to the organization, in the form of an improved ROI. Findings from the 2018 Modernizing Total Rewards Surv
13、ey reveal that while most employers continue to follow the status quo, leading organizations are using breakthrough approaches to Total Rewards design and delivery in order to differentiate their programs and stay ahead of competitors. These organizations think strategically and incorporate all Tota
14、l Rewards components pay, benefits, wellbeing and careers into their offerings (Figure 1). They use analytics to better understand the expectations and preferences of their diverse, multigenerational workforce and leverage technology to deliver a consumer-grade Total Rewards experience. Just as they
15、 would with their customers, these employers make savvy use of the latest technologies to engage their employees where they are. For example, they deliver personalized messages about rewards at the most appropriate touchpoints using a mix of channels ranging from websites to personalized Total Rewar
16、ds portals to social media platforms (Figure 2). But how do organizations begin to map their transition to more relevant and effective Total Rewards programs? For starters, organizations need to understand the breakthrough practices of leading organizations in Total Rewards that represent the pathwa
17、y from their current to desired future state. From there, its essential to explore the mindset, approaches and tools that will help organizations establish priorities, identify gaps and reach their goals on the new Total Rewards journey. Introduction Mapping the new Total Rewards journey 3 Employers
18、 continue to experience attraction and retention challenges in a tight labor market. These challenges are more pronounced in emerging markets where half of employers report difficulties getting and keeping talent. In particular, organizations in emerging markets find it more challenging to attract a
19、nd retain talent in key employee groups compared with organizations in mature markets: 76% versus 60% when it comes to attracting critical-skill employees and 68% versus 40% when it comes to retaining these employees. High- potential employees are even more difficult to attract (77% versus 51%) and
20、retain (74% versus 46%). These findings suggest that in emerging markets it is even more critical to solve the Total Rewards equation. But organizations identified as leaders in Total Rewards have fewer difficulties attracting and retaining talent in general and across key employee populations in pa
21、rticular when compared with organizations that trail their competitors in the area of Total Rewards. Only 24% of the leading organizations face attraction problems while that percentage doubles for the laggards (48%) (Figure 3). And leaders experience fewer challenges attracting critical-skill (57%
22、versus 76%) and high- potential (50% versus 73%) employees than do the lagging organizations. A quarter of leading organizations experience retention problems compared with 40% of the laggards. Leaders also face fewer challenges than lagging employers in retaining critical-skill (44% versus 60%) and
23、 high-potential (45% versus 66%) employees. Not only are leading organizations less likely to have difficulty getting and keeping talent, they deliver better financial results: These companies are more than twice as likely to report outperforming their industry peers than are the lagging organizatio
24、ns. Therefore, it pays to understand what the leaders in Total Rewards do differently. Leaders: what they do differently Figure 3. Laggards are twice as likely to face attraction problems than are leading companies LaggardsLeadersCompetitiveBetter than average 0%20%40%60%80% Nonemployee talent Diver
25、se employee populations High-potential employees Critical-skill employees All employees 48 39 37 24 76 70 65 57 73 66 62 50 53 47 42 39 22 15 17 13 Percentages represent to what extent organizations are experiencing problems attracting employees in the listed groups. (Moderate extent/Great extent) N
26、ot only are leading organizations less likely to have difficulty getting and keeping talent, they deliver better financial results. 4 Moreover, leading organizations are better prepared to use Total Rewards programs to compete for talent because they differentiate their Total Rewards programs in the
27、 marketplace. In fact, theyre five times as likely as the lagging organizations to clearly differentiate their programs from those offered by organizations with whom they are competing for talent. Only a third of employers globally say they clearly differentiate their Total Rewards offerings from th
28、ose of their competitors. Far from having differentiated programs, roughly half of employers overall report that their Total Rewards package is “about the same” as competitors programs. This situation calls into question the often-used strategy of aligning Total Rewards packages to the market even w
29、hen market offerings have considerable room for improvement. Our survey suggests that leading organizations go beyond the norm: They strive to ensure their Total Rewards offerings are distinctive. Leaders use workforce segmentation to build a talent value proposition that sets them apart from the co
30、mpetition and gives them a strategic advantage. In a workplace with changing roles and skills requirements, and a multigenerational workforce with differing priorities and attitudes toward issues such as benefits versus cash and work/life balance, segmentation can help organizations understand the n
31、eeds and preferences of their employees on a more granular level. Segmentation is also key when it comes to ensuring that messages about Total Rewards are targeted and communicated to the right audience, resulting in greater levels of understanding and engagement. Leaders have a strategic mindset A
32、winning approach to Total Rewards starts with the right strategy. A Total Rewards strategy should align with and advance a companys purpose, values and culture, and reflect what an organization is seeking to accomplish with its talent programs. For example, the Total Rewards strategy of a financial
33、institution trying to attract and retain tech talent might include a special focus on career development opportunities and flexible work arrangements. Leading organizations think strategically about their Total Rewards programs. Seventy-eight percent of these organizations have a formally articulate
34、d Total Rewards strategy in contrast to only 29% of laggards. Leading organizations are also more likely to take a holistic approach to developing their Total Rewards strategy, focusing on a range of reward programs across pay, benefits, wellbeing and careers. In fact, a substantial majority of lead
35、ers say that they regard not just compensation but also retirement/financial benefits, health and wellbeing programs, career opportunities, learning and development opportunities, and recognition programs as key components of their Total Rewards programs (Figure 4). Leaders typically consider five p
36、rograms as key components of their Total Rewards offering while laggards usually consider only two. This strategic mindset emphasizes the need to understand the rewards that employees value most across the entire spectrum of possibilities and to use the resulting insights to develop an integrated, t
37、ruly “Total” Rewards portfolio. Figure 4. Leaders take a broader view of Total Rewards LaggardsCompetitiveBetter than averageLeaders Compensation Retirement/Financial benefits Career opportunities Recognition programs Learning and development opportunities Flexible work programs Health and wellbeing
38、 programs Percentages of organizations reporting these components are a key part of their Total Rewards programs (Strongly agree/agree) 7891 46 52 32 45 27 44 37 39 26 32 20 31 93 44 53 41 51 30 56 91 66 63 56 63 48 61 Mapping the new Total Rewards journey 5 Employers, for their part, recognize thei
39、r shortcomings in this key area. Only 42% say they provide meaningful choice within their benefit programs, a key element of a consumer-centric approach. But leading organizations are twice as likely as laggards to do so (Figure 6). Furthermore, a mere 39% of employers say they deliver benefit progr
40、ams in a way that provides a consumer-grade experience. Leaders are more than twice as likely as lagging organizations to report offering such an experience. The importance of providing a consumer-grade experience in Total Rewards cannot be underestimated, as it can lead to deeper employee relations
41、hips and higher levels of engagement. The most commonly used segmentation dimensions are role and performance. However, employers overall dont fare well when it comes to segmentation with only one out of three organizations having defined a formal Total Rewards philosophy for different segments of t
42、heir workforce. This shortcoming makes it harder for these organizations to offer a distinct talent value proposition and talent experience in order to attract, retain and engage top talent. However, leading organizations are twice as likely as laggards to define a Total Rewards philosophy (i.e., gu
43、iding principles such as market competitiveness, internal equity and flexibility) for different segments (Figure 5). Breakthrough pathways: To develop a strategic mindset: Articulate an overarching Total Rewards strategy that reflects your business strategy, desired culture and talent objectives. Broaden the scope of your strategy to include all key Total Rewards components: pay, benefits, wellbeing and careers. This might require a more collaborative way of working between HR and different program owners. Define a Total Rewards philoso