Are you struggling to recruit and retain the right staff in the middle of the “Great resignation”? Are you confident that the package of benefits you offer is the right one to attract and keep the right people?
You can now use this simple framework that shows you how each of the monetary and non-monetary benefits you can offer your people will affect key outcomes such as employee satisfaction and employee retention. The framework will help you define an efficient and effective package of benefits that helps your business recruit and retain the right talent.
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Using benefits to improve employee outcomes
The impact of benefits on employee wellbeing, satisfaction, retention and diversity
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Background
How most business leaders think about employees and workforces has had to change beyond all recognition in the last two years.
The COVID-19 pandemic has changed how many workforces operate and many businesses taking the opportunity to re-evaluate their flexible working practices. People’s expectations of a “work/life balance” and of hybrid working policies are changing substantially. Businesses are also rethinking the role of offices and premises and how to provide employees with the right working environment.
Diversity and Inclusion
There is a growing awareness of Diversity and Inclusion as a key aspect of a successful and sustainable workforce. Many businesses are already reporting on gender pay gaps. Businesses will have to demonstrate a proactive approach to the diversity of their workforce and how they promote equality and inclusion.
Pay and rewards
Recruiting and retaining people with the right skills to deliver on business strategies has become increasingly difficult and expensive. The increasing emphasis on wellbeing and job satisfaction means that offering people the right mix of pay, rewards and benefits has become more complicated.
ESG
Every part of a business that is now having to consider Environmental, Social and Governance issues; the ESG agenda. Governments as well as stakeholders such as employees, clients, customers, investors, and shareholders will all expect every business to articulate how it is contributing. Employees are driving the ESG agenda too, with more consideration being paid to things like green finance, investing, and pensions.
The Pay and Reward Framework is based on a comprehensive literature review conducted by the Behavioural Insight Team. Alongside this review, we have published an extensive report packed with insights and advice covering the different monetary and non-monetary levers available to business leaders and how they impact employee outcomes.
The Report
The concept of this report was borne out of client conversations that took place during the start of the COVID-19 pandemic. Many business leaders were focussing internally, evaluating the expected impact of the pandemic and, for many, rethinking their future strategies.
A key part of this debate, and high on the people agenda is reward, both monetary and non- monetary. We had conversations with businesses whose incentive plans and bonus schemes were underwater and required a fresh start, as well as with those that had managed to achieve strong growth despite these challenges and had accelerated to returns above expectations. The common question posed across the board was: how do we make best use of our reward strategy to get the best outcome we are looking for?
So that we could better answer the question, we commissioned The Behavioural Insights Team (BIT) to conduct an evidence review of the literature related to the structure and design of pay and reward, as well as non-financial rewards. This resulted in a hugely in-depth and interesting review into a wide range of aspects of reward, many of which have not been fully considered by employers.