How can employers and HR prove the return on investment from a total reward programme?
Emerging from a recession of wage freezes, employers might be thinking that pay is the real kicker for employees in a better job market – but research from Bupa has shown that for the younger generations, reward and company values are more important.
For companies looking to engage and retain their staff, it is interesting that about half of Gen Z (51%) and Gen Y (46%) employees wish their employers would ‘seriously reconsider’ how they reward staff – while a third of both generations are more likely to leave their jobs for an organisation with better benefits.
Of course, HRs face a much greater challenge in getting senior management buy-in than simply presenting these statistics to the finance team.
In a world where salary sacrifice savings are being cut, and the National Living Wage is steadily increasing, managers need solid proof of return on investment in order to be persuaded to enhance their employee benefits and total reward.
Opening this year’s Reward Live, Peter Newhouse, global head of reward, Unilever, will be giving his insights into how HRs and heads of reward can achieve this.
With 170,000 staff in six different continents, he will explain how Unilever can be sure that their total reward programme is not only improving engagement and performance, but delivering something that its people truly value – and how this can help HR to build the benefits strategy.