a new take on total rewards and the employee value proposition
TRANSCRIPT
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Caroline Brown : Clicks Group Limited
The Concept of the Employee Experience – A new take on Total Rewards and the
Employee Value Proposition
Total Rewards 2020 – What to expect in the next 5 years
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THE EMPLOYEE EXPERIENCE
Source: Michelle M. Smith , CRP
• Employees are at the heart of the new economy
• The fundamental shift in the Employer/Employee relationship will be towards a partnership
• Employees are the leaders among an expanding group of stakeholders
• The quality of connections among the stakeholders matters
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THE EMPLOYEE EXPERIENCE
Source: Steve Gross, Mercer
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GENERATIONAL DIFFERENCES
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
• The employee value proposition needs to respond to the needs of multigenerational employees
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GENERATIONAL DIFFERENCES
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
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THE EMPLOYEE EXPERIENCE
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
• The way to differentiate and make your Employee Value Proposition meaningful
is to use marketing techniques of segmentation and translate the EVP into the Employee Experience
• It is critical to link the
organisation’s brand and employee value proposition into an
integrated employee experience
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THE EMPLOYEE EXPERIENCE
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
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THE EMPLOYEE EXPERIENCE
Source: 2014 Global Workforce Study, Towers Watson
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THE EMPLOYEE EXPERIENCE
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
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THE EMPLOYEE EXPERIENCE : MASTERCARD
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
• Enrich the employee and deepen engagement
• Authentically engage employees by shared values – align what employees’ value with what the organisation values
• Appreciate and acknowledge the intangible value generated by employees
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KEY FINDINGS: WHAT DIFFERENTIATES, WHAT REWARDS AND WHAT COMMUNICATES
Source: Ray Baumruk and Pam Hein, Aon Hewitt
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THE FUTURE : 2020
Source: Steve Gross, Mercer
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HR ANALYTICS AND WORKFORCE PLANNING : 2020
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
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COMPENSATION : 2020
• The probability of reaching one’s Short Tem Incentive target is more than two times important than the bonus amount
• According to the CEB analysis, Short Term Incentive scheme received the highest rating in terms of employees preferences.
Source: Steve Gross, Mercer
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CAREER PATHS : 2020
Source: Steve Gross, Mercer
• Employees seek a well defined and clear career path – the key word is CLARITY • The tool to ensure that employees have clarity as to their career path is to include the possible
future role on job profiles
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CONTINGENT WORKERS : 2020
• The trend towards contingent workers will increase in the future
Source: Steve Gross, Mercer
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PERFORMANCE MANAGEMENT : 2020
• Performance management will be the focus of the future. Improve the quality and frequency
• Rationale performance appraisals - 3 Ds:
• Document
• Differentiate
• Defend
• Job evaluation will receive greater attention in the future
Source: Steve Marley, ZS Associates
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WORK LIFE INTEGRATION : 2020
Source: Pamela Murray (Human Capital Practice) and Wendy Matyjevich (BlackRain Partners)
Workplace Flexibility:
• A business strategy that allows workers to make choices about core aspects of their work related to:
• Time – when and how long work is performed
• Place – where work is performed, and/or
• Task – the specific tasks that are performed
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THE FUTURE : 2020
Source: Steve Gross, Mercer
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CHIEF EMPLOYEE EXPERIENCE OFFICER
Source: John Bremen (Towers Watson) and Susan Kunreuther (MasterCard)
Chief Employee Experience Officer “I create an employee experience that unleashes the potential of
our talent to create incremental value for our customers and shareholders.”
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QUESTIONS