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A new shape of work is rapidly unfolding. Employee needs and expectations are expanding. Are you equipped with the right rewards and incentives?
Recent social and economic disruption have created opportunities to reflect, reset, and reinvigorate total rewards and the employee experience. Employee rewards strategies are being reshaped to navigate uncertainty and build agility. Employees, societies, and governments are calling for fair, equitable, and transparent pay practices that are aligned with labor markets, roles, and expectations. The most effective, diverse, and inclusive rewards strategies are rooted in data and analytics.
Watch video: Hear how to reinvent your rewards strategy for value, flexibility, and sustainability.
Learn how future-focused companies are rewriting the rules on rewards.
It is not enough to offer great pay and benefits. Employees expect – and need – more from their employer. An expanded view of employee rewards considers programs and levers that differentiate your employee experience.
According to Mercer’s 2021 Global Talent Trends Study:
At work, people want to grow, develop, be protected, be part of a community, and have the ability to affect something greater than themselves. Organizations that create energizing employee experiences will continue to win in the competition for talent.
We help employers attract, retain, engage, and motivate their workforce by:
Mercer approaches developing total rewards strategies with four key tenets:
Multi-perspective
Considering the perspectives of the employer, employee, market, and cost.
Data-driven
Using a rich fact base to measure employee sentiment and behavior.
Targeted
Identifying segments within your workforce with unique needs and values.
Engaging
Promoting engagement with rewards programs to drive behavioral change.
Our employee rewards experts offer guidance, tools, and resources to tailor and effectively deliver and measure your rewards strategy. Key capabilities include:
Rewards strategy: Determine the right total rewards strategy and implement base pay and incentive plans for employees or executives, designed to meet your organization’s unique needs.
Benchmark data: Our robust compensation benchmark data uses the most accurate and up-to-date market data practices for evaluating and establishing competitive compensation.
Skills-based talent strategies: Unlock organizational capability by focusing on skills and experiences that will empower the right employee experiences.
Technology integration: Optimize your human resources management system (HRMS), such as Workday, with a well-designed job architecture.
Communicating rewards: Use a virtual platform like Mercer Belong® or our employee communication consulting services to form meaningful connections with employees about their careers, benefits, and well-being.
Employee listening: Tap into the employee experience with pulse surveys, digital focus groups, and more – and turn employee data into actionable insights that inform your employee rewards strategy.
Pay equity analysis: Conduct a pay equity study and leverage Mercer’s Pay Equity Calculator™ to drill down on pay gaps and improve equity within your organization.
Pay transparency: Create a compelling and transparent rewards story for your employees, candidates, customers, and other stakeholders.
Our experts will help you create an employee rewards strategy that raises the performance bar, enhances productivity, and elevates business results. Our expertise in total rewards, as well as all aspects of HR, is both deep and wide. You will gain access to expert guidance and robust data sources to inform your strategy and create a compelling employee experience. With our vast experience and data-rich resources, we can help you to reinvent your total rewards strategy to achieve value, flexibility, and sustainability.
Learn how Mercer can help you create rewards that elevate the employee experience, educate, and engage.
For more information about Mercer’s employee rewards offerings, enter your contact details below.
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