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No matter your industry, it’s safe to say there are a variety of challenges right now. Whether your organization is in a cost-containment or reduction phase, or perhaps thriving due to new ways of working that benefit your company, you still have to compete across industries for strategic roles in the coming year; hiring does not stop, even in a tough economy.
It is likely your strategy will have to change though. Your employee value proposition—and the included rewards package—probably looks different than it did just a year or so ago.
Mercer has the data and insights you need to realign your talent strategy, compensation philosophy, and employee value proposition.
Compensation planning and market pricing may feel different this year, but both are still very important. Although increases may have slowed, evaluating your rewards strategy and comparing your employees’ pay to the market is still critical to ensure you are allocating resources appropriately.
If you intended on aging last year’s data to approximate where we’re at now, it’s important to realize it is not likely to capture the current pay levels for your critical roles. Mercer has taken steps, such as administering data refreshes and pulse surveys, to ensure the data and insights you receive are as relevant as possible. Everything you need to assess your pay now and plan for the future is in reach with Mercer.
Employee engagement is key to leading with empathy, which is a top concern for employers, according to Mercer’s Global Talent Trends report. But employee engagement is not a one-size-fits-all approach. And deploying an engagement survey is not the first step. Take a look at engagement tools that can help you get the best out of your brightest by listening to your employees.
Do your policies and practices need a revamp given how quickly the world of work has changed? Mercer’s reports cover that and more, such as relocation, compensation administration, paid time off and benefits and perks. All go into creating an employee value proposition that supports your talent strategy. Find the information you need today.
When making difficult choices related to layoffs, furloughs and hours-cuts, it’s important to remember that how your organization treats departing employees has a lasting impact on your employer brand. Get the tools you need to handle these tough decisions gracefully and be conscientious of your impacted employees’ well-being.
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