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Rethink your talent strategy based on what’s happening now

No matter your industry, it’s safe to say there are a variety of challenges employers are facing right now. Whether your organization is in a cost-containment phase, confronting high employee turnover, or perhaps thriving due to new ways of working that benefit your company, you are likely competing with new competitors across industries and locations for strategic roles in today’s turbulent labor market. Hiring, retaining, and motivating top talent is an ongoing process.

It is likely your strategy has and will continue to change as a new post-pandemic normalcy begins to take shape. Your employee value proposition — and the included rewards package — probably looks different than it did compared to last year.

Mercer has the data and insights you need to realign your talent strategy, compensation philosophy, and employee value proposition.

Evaluating your pay strategy

Employers are feeling the pressure when it comes to employee attraction and retention these days. What are they doing about it? According to a recent Mercer survey¹, 70% of employers are responding by reevaluating compensation and benefits. Should you redesign your compensation strategy? Evaluating your rewards strategy and comparing your employees’ pay to the market is critical to ensure you are allocating resources appropriately.

The 2021 compensation trends we see in the data show significant differences across industries, positions, locations, and company sizes and reinforce how simply aging salary survey data would be a mistake. Everything you need to assess your pay now and plan for the future is in reach with Mercer.

1. 2021 Pandemic Survey Series: A Focus On The Labor Market

Listening to your people

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.

Refreshing your policies

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, flexible working, and benefits and perks. All go into creating an employee value proposition that supports your talent strategy. Find the information you need today.

Making tough decisions

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.