Post on 30-Jul-2020
transcript
Presented by
Anne Ruddy, CCP, CPCU
WorldatWork
Total Rewards in
the “New Normal”
South African Rewards Association
Financial Crisis
Workforce Skill Workforce Skill Shortage
Increasing Work-life Demands
Workforce Demographics
Technology
Regulation
Total Rewards in the “New Normal”
Total Rewards in the “New Normal”
A BRIEF
HISTORY WORLD OF THE
OF REWARDS
1970s
1980’s and 90’s
1980s and
1990s
2000 to
2008
We can’t guarantee
anything now or in
the future…
● [headline]
Present
The “deal” has certainly changed, but …
The new normal:
Costs
continue
to rise
Satisfaction
continues to
decline and …
The central challenge (attraction,
motivation, retention) remains
Total Rewards in the “New Normal”
The old normal: Our employees
understand the cost of
our investment in them.
Total Rewards in the “New Normal”
EVP Design
and Message
Management
The new normal:
Total Rewards in the “New Normal”
Social Media
Organizational Friend or Foe?
Total Rewards in the “New Normal”
GlGl bal Town Hallbal Town Hall
Total Rewards in the “New Normal”
The old normal:
“Pay Levels”
Total Rewards in the “New Normal”
“Pay Design and Strategy” Differentiate mix, group, purpose, motivation
The new normal:
Four Generations in the Workplace
Organization
38% GenY (1976-1994)
37% Boomers
(1946-1964)
22% GenX (1965-1975)
3% Silent
(1900-1945)
Total Rewards in the “New Normal”
The old normal:
Pay is THE motivator.
Total Rewards in the “New Normal”
Intangibles
count!
The new normal:
Total Rewards in the “New Normal”
What matters now? • Interesting work and job design
• Flexibility (environment, career)
• Recognition and appreciation
• Development and opportunity
Total Rewards in the “New Normal”
Build it and
they will come
The old normal:
Total Rewards in the “New Normal”
Line managers must be customers. They are your messengers!
The new normal:
Total Rewards in the “New Normal”
What can YOU DO
TODAY?
Explicitly link rewards design,
administration and communication
to your organization’s reward
philosophy and employee
value proposition.
ntegrate!
Identify champions in your
organization to help position
rewards within a broader
framework of human
capital management.
nfluence!
Create “line of sight” between
your company’s rewards strategy
and its business objectives.
nnovate!
Build enthusiasm and
engagement by delivering
not only economic – but
emotional – value through
your total rewards programs.
nspire!
8 to 5 at the Office:
Still the Norm
WorldatWork Global Headquarters
14040 N. Northsight Blvd.
Scottsdale, AZ 85260 USA
480/922-2020 or 877/951-9191
Thank You