Design employee reward programmes that inspire and retain
Standard employee reward programmes might contribute to burnout
The ‘wrong’ employee reward programmes – the ones that don’t meet individual needs – are part of the reason employees are burning out. To prevent it, organisations now need to go beyond the traditional contractual rewards of pay and broad-brush benefits plus ad hoc components.
How do you know what rewards your employees need?
Begin by asking them without preconceived ideas.
To personalise workforce rewards, companies have begun using ‘personas’ to identify what matters most to target populations and to operationalise their employee rewards programme for distinct groups.
Innovative rewards programmes effectively address individual’s preferences – enabling them to feel healthy, supported, and energised, personally as well as professionally – while staying within organisational and cost realities. A balance can be achieved with the right reward and recognition strategy.
Effective workforce rewards design requires:
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Embracing the differentiated needs of a diverse, multigenerational workforce, and defining the appropriate engagement mechanisms for each group,
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Understanding individual employee experiences and categorising those experiences into personas,
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Holistically addressing employee needs with a more nuanced and flexible approach,
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Considering all perspectives: personas, organisational needs, industry standards, regulatory landscape, competitor offerings, cost, and societal values, and
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Formulating a rewards programme that harmonises with your other employee value propositions (EVP) and total rewards offerings.
Total Remuneration Survey
Employee reward programmes as talent retention tools
Four essential inclusions in employee reward programmes
Mercer’s employee rewards services and solutions
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Salary and benefit benchmarking surveys
Whether you’re developing a new competitive pay structure or aligning productivity and performance for your people, access to a robust set of data and benchmarks both at market level and at specific job levels is critical to attract and retain the best talent for your business. -
Workforce reward and compensation
We partner with clients to develop robust workforce rewards and compensation structures with your business objectives in mind. We ask challenging questions, analyse data in rich, targeted ways to ultimately help you in crafting breakthrough solutions.
To solve your most pressing employee reward challenges, we also offer Packaged Workforce Reward consulting solutions.
Irrespective of organisational size and structure, the most common employee reward issues often hinder organisational agility. In response, we have developed a range of solutions that can be used to bring structure and drive consistent decision-making when addressing the most common workforce reward hurdles.
Our Packaged Workforce Reward consulting solutions are built on Mercer’s HR consulting heritage, delivering best practise design combined with practical tools. Our solutions establish the foundations for more effective HR and employee reward management in the areas of highest focus, including:
- Grading and pay management
- Sales compensation
- Company cars
- Gender pay reporting and equal pay.