Recognition and reward advisory
When choosing a company to work for, many employees are increasingly more concerned about the nature of work and work-life balance than salary. Attract, engage and retain the right talent by understanding what your workforce values most about its workplace.
What we can do for you
In their attempts to keep employees motivated and engaged, organizations are having to look beyond the nature of the work, work-life balance, salary and traditional financial benefits. They are increasingly creating “total reward” packages, which encompass ever-broader benefits and development opportunities. In addition to which, they are having to develop organizational purpose and values that resonate across their workforces.
The Millennial challenge
By 2025, Millennials will make up 75% of the global workforce and will increasingly be moving into management. Millennials have priorities and values that are very different from those of previous generations. They are holding their employers to account, and they will have a huge impact on the makeup of recognition and reward schemes.
Yet Millennials are not completely uniform in what they want and expect from their working lives. Along with the following generation — Generation Z — younger and older Millennials will require their employers to provide a range of different financial and non-financial approaches.
How EY can help
We can help your business to understand what your workforce values most about its workplace and to develop balanced and attractive reward schemes, indexed against sector- and industry-specific reward arrangements and structures. While Millennials will represent the largest and most vocal segment of the workforce, the anticipated shortage of skilled workers overall will require employers to rely on contributions from older workers and other demographic groups as well.
Our tools and insights can help you assess, restructure and redesign your total reward package — encompassing both financial and non-financial incentives — as part of a coherent talent strategy to attract and retain the people your business needs to achieve its goals.
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