Despite the changes in the economy, the labor market has remained resilient — and is expected to stay competitive for some time. As a result, Mercer research has found that half of employers are revisiting their total rewards strategy in the next six to 12 months, with the goal of attracting and retaining new talent.
Download Mercer’s “2023 Total rewards guidebook” to uncover the four actions you can take to redesign your total rewards strategy with a focus on sustainable differentiation:
- Lead with listening - Design an employee value proposition (EVP) that people care about, first start by listening to your customers — your employees — to understand their unique needs and preferences.
- Get to the heart of the issue - Take a holistic view of total rewards that incorporates broader elements of work experience, including career management, work design wellbeing and more, rather than only focusing in on compensation and benefits programs.
- Identify where you want to shine - Link your total rewards and talent strategies together to identify specific areas where you want to differentiate yourself.
- Engage for impact - Invest in portal technology that gives employees mobile-enabled access and personalized tools for accessing their total rewards information in one place — a digital front door.
