I know this is going to piss off people but guess what, the BIGGEST trends in Total Rewards for 2024 and 2025 is to have a proper Total Rewards framework in your company.
What I mean a proper Total Rewards framework is to have
- Pay philosophy
- Total Rewards Strategy
- Salary bands including proper company grading
- Salary Ranges
- Pay Premiums for niche skills, top performers
- Pay differentiation
- A great business driven incentive plan
- Rewards communications done right
- Employee holistic wellbeing programs
- Fantastic People and Pay analytics
- and more …
In the survey we just concluded 70% companies don’t have most of the above in place.
We don’t need fancy misleading trends and words to excite us. There is NO point in talking about AI, impact of AI on jobs, customized pay and personal rewards when companies cannot even pay properly and have no framework in place to differentiate rewards and pay for critical skills.
It really excites me when I meet companies who are leading the charge on effective transformation, putting standards and structures in place to really drive business results.
I have spoken with 300+ companies in the last 24 months and the list above stands firm across markets and regions and to me that is a really shame.
So in 2024 and going forward the MOST important thing companies can and should is to work on the fundamentals . Working on basics will solve 80% of your HR challenges.
I have worked for best in class HR and Total Rewards practicing companies and I can attest to that.
If you don’t have in house expertise get help from companies
- Who will bring a practitioner’s approach
- No complication, no 80 slide decks
- No 10 months project plan
Most of the above can be done in a few weeks with robust and efficient work.
Demand of it.
We are happy to help companies in any of the areas above if you are struggling. Reach out to me directly for a chat.
