Rewards programs shifted to retain, attract employees
North American employers are changing their work and reward programs to attract, retain and engage workers, said global advisory, broking, and solutions company WTW.
In its recent survey, WTW revealed that this includes paying employees more, giving increases at more frequent intervals, enhancing workplace flexibility, and boosting training opportunities.
The WTW 2022 Mid-year Compensation Survey found that 66% of employers have increased hiring activity since the beginning of the year.
WTW North America leader, Work, Rewards and Careers Lesli Jennings said, “Employers are leaving no stones unturned in their battle to find and keep talent.”
Still, roughly two in three employers have difficulty attracting and retaining employees with digital skills (71%) and professional employees (66%). And 61% are having difficulty hiring and keeping hourly employees.
WTW Work and Rewards Global Solutions Leader Lori Wisper reminded companies that “while talent challenges may seem especially acute now, [they] must consider the long-term implications of their actions, particularly around the sources of funding for higher compensation and concerns over internal equity between rewards for new hires and rewards for employees of longer standing.”
