Looking Ahead to 2023: People Plans and Total Rewards Programs

Heads of Talent from Baker Hughes, BNY Mellon, ESAB Holding, General Electric, Nokia, Phillip Morris International, Prudential Financial, and Synchrony Financial recently gathered on September 14 and 15 to discuss topics under the theme “Looking Ahead to 2023: People Plans and Total Rewards Programs.” Together they were able to connect with their peers, share challenges, and brainstorm solutions to better their employees and businesses.

Here are some of the key takeaways:

  • As inflation rises across the globe, Total Rewards leaders must balance both art and science to not only manage inflation but also communicate their plans in a way that is understood and accepted by employees. Helping employees to understand the difference between cost of living, labor cost, and inflation is a major challenge.
  • Demonstrating you are listening to employees by adjusting systems, policies, and procedures, even if you cannot implement all of them, has a positive impact and empowers employees.
  • While the concept of skills-based pay has become a popular buzzword, no one seems to be able to define it and the data to back it up is lacking.
  • One member is experimenting with virtual reality for internal meetings to create a more inclusive environment.

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