Does your rewards strategy identify and address employee stressors?

Learned a lot lending an editorial hand here:

Inside HR, April 23, 2019

by Pete DeBellis




What is the basis for your company’s rewards offerings? For too many companies, it is purely benchmarks – that is, they make rewards decisions based on the rewards being offered by other companies with whom they believe they compete for talent. The problem: companies that follow this approach are left guessing about the desires and stressors of their actual workforce rather than knowing definitively what they want or need. In fact, based on Deloitte’s 2019 Global Human Capital Trends report, nearly one-quarter (23 percent) of organisations do not feel they know what rewards their employees value.

There’s nothing wrong with benchmarking per se: You should know what rewards your competitors are offering their employees. But that’s only one piece of the rewards puzzle. To optimise a rewards offering, you need to know a lot more about your rewards customers, that is, your company’s employees. Our research at Bersin finds that companies with mature, high-performing rewards functions achieve this by adopting some version of the following 4-step process, which uses the same kinds of surveys that marketers use to understand customers. Read the rest here.