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While any number of changes could have you rethinking your total rewards strategy these days, periodically reviewing your strategy has always been a best practice. In fact, 89% of HR professionals surveyed say improving total reward packages is a priority, according to Mercer’s 2022 Global Talent Trends study.
Total rewards is the monetary and nonmonetary items provided to employees in exchange for their time, talents, efforts, and results, per WorldatWork. Total rewards is the combination of key elements that help you attract, motivate, engage, and retain the employees you need to drive desired results. The key elements to total rewards packages today are:
You’ve probably seen the headlines about how employers are looking beyond pay to compete in today’s chaotic labor market. Which is true. For employees, base salary is becoming less of a determining factor in the value when considering job offers. But, the reality is that pay is only not important until it’s too low. Paying competitively will always be important. You have to get pay right for anything else to matter.
And, it’s not only about what you’re paying but also about how you’re paying .
Understanding how your employees’ current pay compares to the market is critical to managing pay effectively and securing the employees and skills you need. Mercer salary surveys give you keen insight into what’s really going on in the market so that you don’t overpay for talent — or underpay and miss out. As the demand for new jobs and skills intensifies, proactively address areas where you are out of alignment and make sure to preserve the talent you have.
Whether you need pay data for hourly positions, a specific location, insights on industry jobs, or regional benchmarks, Mercer has company-reported, validated data for thousands of positions to help you ensure market competitiveness.
Mercer Benchmark Database
Mercer’s most robust salary database provides pay data across skill levels and career streams, from traditional roles to emerging positions, to help you get pay right — more than 6,000 positions available.
Industry Salary Surveys
From energy to financial services to healthcare and retail, Mercer industry salary surveys help you figure out what you need to pay to compete in your industry.
Hourly Pay Data
Strategically determine pay for your hourly employees with data that looks across industries to understand who you’re really competing with for this critical talent.
Over time the purpose of base pay has shifted. Where individual performance was once rewarded through annual increases, now more employers are using short-term incentives, bonuses, or other forms of variable pay to reward employees. As pay mix continues to evolve for different jobs, it’s easy to validate your compensation strategy against competitors and the larger market with Mercer products.
Compensation Policies & Practices
Explore what’s common for key compensation policies and practices, such as, shift premiums, overtime, paid time-off, continuing education, and more to enhance your strategy.
Incentive Plan Design
Assess key design elements of your short-term or sales incentives programs, including eligibility, funding mechanisms, and payout options to strengthen how you reward individual performance.
Understand how your short-term incentive program aligns to the market for key metrics like target amount, percent of base salary, percent receiving, and total cash compensation to ensure your package is compelling.
Benchmark your long-term incentives plan by percent eligible, percent of base salary, total cash and total direct compensation, and more to certify you’re motivating employees to grow with your organization.
While pay is the foundation, companies competing on total rewards today are taking into account new offerings and policies as well as ways to provide different options for their employees. Asking employees what they value and need is key. By listening to what your employees want, craft more meaningful total rewards packages that help you not only win talent but drive higher employee engagement, productivity, job satisfaction, and retention.
What’s the best way to connect and listen to employees at your organization? You have several options. Explore Mercer’s suite of employee listening tools and services, backed by our world-class talent strategy consultants.
Unmet Needs Analysis
Through a set of trade-off questions, gather critical insight into the changing needs of your workforce. Understand what employees are most concerned about in and outside of work.
Digital focus groups
Virtually facilitate dynamic discussions with up to 1,000 employees to gain insight on one or many topics at a time. With real-time results, you can quickly get the insights you need to guide your path forward
This fully customized solution allows you to set the survey questions, reports, and frequency for deep insight into employee’s needs on a variety of complex topics. By continually listening, see how the results change over time as you make decisions and changes.
Once you better understand what employees want and need, think about what you can offer beyond pay by considering questions like:
Here are a few reports to help you understand what others are doing in this space.
Inclusive Benefits Report
Offering benefits that recognize the needs of all employees is an important component of any DEI strategy. Explore market practices around benefits for pregnancy-related care, LGBTQIA+ benefits, mental health, and more.
From paid family leave to addressing new employees’ vacation time, make sure your leave programs are effectively motivating your people.
Flexible Working Policies & Practices
As flexible work options, in one form or another, become the norm, explore what other companies are doing around flex work eligibility, flexible arrangements, and more to benchmark and adjust your approach.
Pro tip: No matter how you choose to adjust your total rewards offerings, the most important thing is to make sure you’re clearly communicating with your employees. After all, the best offerings mean nothing if your employees don’t know about them or understand them.
Staying competitive today means considering the whole picture when it comes to what you offer employees. Using insights, products, tools, and services from Mercer, you can feel confident in your approach. If you need some additional help, let us know, we’re happy to help you along the way. Please email us at email@example.com.