While organizations are starting to take the first steps to understand and offer rewards packages that are custom tailored to their employee’s preferences, they have only begun to scratch the surface. In particular, nearly all organizations have focused on considering the needs of their employees and are missing out on a large segment of their workforce—contractors, freelancers, and gig workers.
It’s impossible to be a social enterprise—a company that serves both a social and business purpose—without respecting the newfound power of the individual. Individuals are one of the three key macro forces driving the rise of the social enterprise, alongside expectations that businesses will step in to lead on society’s biggest issues and the impact of rapid technological change. From social media likes to in-person protests and everything in between, the individuals that make up today’s workforce wield more power and influence than ever before. Stopping this movement is not an option, so organizations should consider joining it.
If you believe that access to learning and development (L&D) opportunities in your organization is democratic, this next statement might feel like a splash of cold water: it never has been. Aside from the most basic of offerings—like choosing your own adventure from a learning management system catalog or required compliance training—formal learning opportunities have historically been a de facto performance-based reward in most organizations.
There’s a better way to shine as an employer
We’ve seen a flurry of articles recently describing why perks are becoming passé. That’s not to say workers no longer value compensation, benefits, and the extra things that employers offer and do for their workforce; it’s just that often the rewards being offered aren’t meaningful to workers and organizations aren’t seeing enough return on their investment—no boost in worker engagement or retention, nor upticks in their employment brand. We couldn’t agree more. Making rewards more, well, rewarding for the workforce and organizations means evolving beyond the too-common practice of throwing perks at the wall and hoping they stick.
Posted by Jeff Schwartz on December 7, 2018.
This is our third of three posts tracking the Trends of the Trends—the topics we have seen emerge as perennial in our issues in our annual Global Human Capital Trends research over the last seven years. At No. 3, employee experience is just behind the leadership and learning. It encompasses a number of ingredients necessary to provide an engaging employee experience throughout the employment life cycle.
Posted by Kathi Enderes on November 12, 2018.
“Science confirms: people are not pets,” claims a recent article.1 The key finding of this piece was also the topic of the book Drive: The Surprising Truth About What Motivates Us, by Daniel H. Pink,2 which asserts that people cannot bribe others into doing what they want. Study after study has confirmed that attempts to motivate people with extrinsic rewards to perform better, work harder, or behave differently tend to be fruitless at best—and are often counterproductive. So why do so many organizations still use the old “pay for performance” moniker? Why do they spend hours and hours designing systems to evaluate performance and differentiate performance levels with rewards?
Posted by Peter DeBellis on October 1, 2018.
Deloitte’s 2018 Human Capital Trends report reveals compelling data regarding the importance of wellbeing offerings to employees—many organizations report a stark difference between what their employees want and what their employers actually deliver. The report identifies Well-being: A Strategy and a Responsibility as one of the top ten global human capital trends for 2018, and examines the ways in which companies can integrate their rewards offerings into a holistic wellbeing strategy to increase worker productivity and meet new social expectations.1
Posted by Peter DeBellis on September 24, 2018.
Earlier this year, the total amount of outstanding student debt in the United States exceeded $1.5 trillion1 for the first time—yes, trillion! That amount is nearly one and a half times what the nation owes in total motor vehicle loans. Let that sink in for a moment—think about how many cars are on the road, their cost, and how the majority of Americans are not recent graduates with student debt!
Posted by Bersin insights on April 6, 2018.
Organizational rewards functions often alienate employees and undermine an employer’s brand. But there’s a flipside: High-performing organizations with rewards strategies that extend beyond compensation, benefits, and well-being. How can organizations optimize rewards programs to fit their unique culture?