Compensation and reward strategies have changed radically over the past few years. The impact of the pandemic, plus the unending trends which followed – from the Great Resignation, to quiet quitting, the cost-of-living crisis to spiralling inflation-hit remuneration in some sectors – have led businesses and HR in particular to rewrite their entire approach to recognition.
At this webinar, Andi Perger, Product Marketing Manager – Cezanne HR; Dr Duncan Brown, Principal Associate – Institute for Employment Studies and Paul Devoy, Chief Executive – Investors in People gave their unique perspectives on how HR needed to respond.
While there may be more emphasis on remuneration in the face of rising costs, this is by no means the whole story. The pandemic has made flexible working options part and parcel of every employer’s offer and employers can be more creative in the way they recognise and reward their people. The panel agreed delivering as individual a package as possible was key to motivating and retaining employees and technology certainly has a part to play in delivering this without HR suffering from excessive amounts of admin work.
At the same time there was an appreciation of how complicated reward has become for organisations. The concept of furlough payments, for example, did not exist before the pandemic. Add into this the way in which jobs themselves are evolving, through the use of technology and AI and organisations are faced with a highly volatile and uncertain scenario where some skills are scare and difficult to find while other jobs are in danger of disappearing completely. Over the top of this the need for compliant practice and the measurement of issues such as the gender pay gap continue to present challenges for those charged with ensuring reward is equitable for all.
The webinar is well worth a watch. Packed full of interesting facts and opinions the session provided practical ideas for all HR professionals who want to attract, motivate and retain their best people.
