The start of a new year is always a good time for employers to take stock of where they are and think about what the future holds. The past few years have been particularly tumultuous as trends like globalisation, artificial intelligence, rapidly-evolving technology, and deep demographic shifts have affected and impacted organisations in significant ways.
We are now at the brink of the Fourth Industrial Revolution; the future of work and the workforce is changing in an unprecedented manner. Needless to say — who to reward, how to reward, how much to reward and at what frequency — are all questions that compel a rethink. The answers to these questions lie in the evolution and inter-linkage between aspects like total rewards philosophy, design, segmentation, variable pay and pay for performance, personalisation, technology and delivery, analytics, transparency and communication.
Globally, Willis Towers Watson’s research indicates some key trends that will significantly impact and transform the total rewards narrative in the foreseeable future.
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First published in People Matters – February 2017 issue