Nearly two in five employees say they are satisfied with their employers, pay and benefits, but are still considering leaving (Mercer Global Talent Trends, 2018). Not great odds for employers who need to build a workforce for the future in a tightening labor market.
For HR leaders to effectively attract and keep the talent they need, it’s not enough to offer just great pay and benefits. Employees in high demand expect and need more from their employers.
That’s why HR leaders need to expand their view of employee rewards by considering additional programs that
Create A Total Rewards Portfolio that Supports The Health, Wealth and Careers of Employees
Employers that consider more than just pay and benefits in their total rewards strategy have the opportunity to strengthen their employee value proposition and inspire higher levels of motivation, productivity and workplace satisfaction.
Research shows that:
- 79% of adults trust their employers to give sound, independent advice on planning, saving and investing.1
- 78% of employees would work on a contract basis and 51% want more flexible options.2
- 51% of employees want more equity in pay and promotion decisions.2
- Employees with a strong wellbeing have 41% lower health costs, 35% lower turnover and 31% higher productivity.3
In addition, creating a purpose-driven work environment gives employees a chance to contribute to a greater purpose. Design career and wellbeing programs that enhance their experiences at work and at home. The employers that do this effectively can create and tap into the power of productive and thriving employees.
Why Choose Mercer to Enhance your EVP
Mercer unlocks the full potential of your workforce through a meaningful strategy that inspires each and every one of your employees.
We help HR leaders design employee reward programs that go beyond optimizing costs of contractual elements like compensation and benefits and respond to employees’ needs for career growth, total wellbeing, and purpose, and:
- Create a competitive advantage for attracting in-demand talent with a strengthened employee value proposition
- Reduce turnover and drive retention, as employees become more engaged and committed to your organization
- Inspire higher levels of motivation, productivity and workplace satisfaction
- Drive better business performance and demonstrate cost effectiveness of total rewards investments
- Create a digital engagement platform that your employees are accustomed
How Mercer Will Help You Redefine Your Approach
Our total rewards experts will help you:
- Examine the programs that drive the best outcomes. Harness the power of data and analytics to identify the unique needs and preferences of employee groups and understand the reward actions that positively impact employee engagement, retention and performance.
- Create a vision for the future. Develop the strategic framework for executing your vision and modernizing your reward program offerings. Then prioritize program changes that will deliver results.
- Implement with high impact. Develop a roadmap for implementation and create personalized, digital-led strategies for communicating with and engaging employees.