+ rewards strategy + =workforce - Mercer Canada...metrics Stage 3 Cause/effect analysis of key...
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THE NEW PEOPLE EQUATION The way we do business is rapidly changing and more than ever, figuring out how to maximize the value of our people is the biggest challenge facing all organizations today and companies who are successful at overcoming this challenge will thrive. TREND: GROWTH BY DESIGN 93% TREND: THE QUEST FOR INSIGHT TREND: A WORKPLACE FOR ME: PERSONALIZATION EMPLOYEE PRIORITIES 19% CAREER 28% WEALTH 53% HEALTH OF EXECUTIVES GLOBALLY ARE PLANNING A REDESIGN IN THE NEXT 2 YEARS A thriving workforce = A compensation budget that balances your bottom line and employee value proposition Knowing your workforce and where it’s headed Designing the right rewards strategy + + USE OF ANALYTICS IN HR (CANADA) More opportunity for progress MORE POWERFUL LESS POWERFUL STRATEGIC VALUE 2017 2016 Analytics not used Stage 1 Basic reporting & trend analytics Stage 2 Benchmarking and correlations with business metrics Stage 3 Cause/effect analysis of key workforce outcomes Stage 4 Predictive analytics KNOWING YOUR WORKFORCE AND WHERE IT’S HEADED TREND: A SHIFT IN WHAT WE VALUE 97% OF EMPLOYEES IN CANADA WANT TO BE RECOGNIZED AND REWARDED FOR A WIDE RANGE OF CONTRIBUTIONS WHAT WOULD MAKE A POSITIVE IMPACT ON YOUR WORK SITUATION? 1. COMPENSATION THAT IS FAIR & MARKET COMPETITIVE 2. LEADERS WHO SET CLEAR DIRECTION 3. OPPORTUNITY TO GET PROMOTED 4. WORKING WITH THE BEST & BRIGHTEST 5. CAREER PATH INFORMATION 6. TRANSPARENCY ON PAY CALCULATIONS 7. MORE FLEXIBLE WORK OPTIONS
Transcript of + rewards strategy + =workforce - Mercer Canada...metrics Stage 3 Cause/effect analysis of key...
T H E N E W P E O P L EE Q U A T I O N
The way we do business is rapidly changing and more than ever, f igur ing out how to maximize the value of our people is the biggest challenge facing all organizations today and companies who are successful at overcoming this challenge will thr ive.
TREND: GROWTH BY DESIGN
93%
TREND: THE QUEST FOR INSIGHT
TREND: A WORKPLACE FOR ME:PERSONALIZATION
EMPLOYEE PRIORITIES
19%CAREER
28%WEALTH
53%HEALTH
OF EXECUTIVES GLOBALLY ARE PLANNING A REDESIGN IN THE NEXT 2 YEARS
A thrivingworkforce=
A compensation budgetthat balances your
bottom line andemployee value
proposition
Knowing yourworkforce and
where it’s headed
Designing the rightrewards strategy+ +
USE OF ANALYTICS IN HR(CANADA)
More opportunity for progress
MORE POWERFUL LESS POWERFUL STRATEGIC VALUE
2017 2016
Analyticsnot used
Stage 1Basic reporting
& trend analytics
Stage 2Benchmarking
and correlationswith business
metrics
Stage 3Cause/effectanalysis of key
workforce outcomes
Stage 4Predictiveanalytics
KNOWING YOUR WORKFORCE AND WHERE IT’S HEADED
TREND: A SHIFT IN WHAT WE VALUE
97%OF EMPLOYEES IN CANADA WANT TO BE RECOGNIZED AND REWARDED FOR A WIDE RANGE OF CONTRIBUTIONS
WHAT WOULD MAKE A POSITIVE IMPACTON YOUR WORK SITUATION?
1. COMPENSATION THAT IS FAIR & MARKET COMPETITIVE2. LEADERS WHO SET CLEAR DIRECTION3. OPPORTUNITY TO GET PROMOTED4. WORKING WITH THE BEST & BRIGHTEST 5. CAREER PATH INFORMATION 6. TRANSPARENCY ON PAY CALCULATIONS7. MORE FLEXIBLE WORK OPTIONS
BUDGETING COMPENSATION FOR TODAY'S WORKFORCE
TOP 3 BUDGET INFLUENCERS
Retention Concerns
Overall Economic Climate
Attraction Concerns 59%
61%
69%
SURVEY SAYS - BUDGETS ARE FLAT
2017 FALL PROJECTION
EXCLUDESFREEZES
INCLUDESFREEZES
2017 ACTUAL 2018 PROJECTION
2.5% 2.5% 2.5%
2.2% 2.3% 2.4%
THE ANSWER TO A COMPLEX EQUATION
BUILD THE WORKFORCE FOR TODAY AND TOMORROW1
INVEST IN THE CAPABILITIES OF YOUR LEADERS2ARTICULATE YOUR EMPLOYEE VALUE PROPOSITION3
STRATEGICALLY ALLOCATE YOUR SALARY BUDGETS
4
5
MAKE RETAINING TOP TALENT A PRIORITY
DESIGNING THE RIGHT REWARDS STRATEGY
A THRIVING WORKFORCE
A COMPENSATION BUDGET THAT BALANCES YOURBOTTOM LINE AND EMPLOYEE VALUE PROPOSITION
