Pressing Issues in 2021 in Total Rewards
Although we have closed the door to 2020, the pandemic drives on and Total Rewards leaders will face many new challenges in the new year. Our January virtual roundtable included GTRN members from BNY Mellon, BP, Cargill, Cofra Holding, Colfax, Comcast, DHL Express, Dow, Fortive, Legal and General Group, Novartis, Synchrony Financial, Tapestry, and Wolters Kluwer.
Member-Led Discussion – Key Takeaways
With plenty of topics to discuss including vaccines, salary increases, and rewards in the Future of Work, GTRN members shared questions and ideas of how to tackle these challenges. Here are some of the takeaways:
- Despite the challenges organizations have faced in the past year, when it comes to salary increases many Total Rewards leaders are continuing with business as usual. They worry the impact on employee motivation will result in far greater damage.
- Although it is still early to have a definitive plan, rather than mandating the COVID-19 vaccine, most organizations believe their approach will be to focus on educating, encouraging, and incentivizing their employees to get it. Some companies are looking into offering special paid time off to accommodate.
- Providing flexibility to allow some employees to work remote full time, will greatly broaden the talent pool as organizations will be open to recruit in other locations beyond where they have physical offices.
- As “work from anywhere” becomes more and more of a reality, Total Rewards leaders are beginning to question: Should we base pay on value of the role rather than the market rate of the location of work?
- Some organizations are considering significantly changing their approach to pay equity to look beyond gender and racial minorities. The challenge lies in how to talk about increases for pay equity internally and balancing the dilemma of pushing top-down pay adjustments or building out the capabilities of managers to make those decisions.
Thank you to all who participated for your energy and enthusiasm! We look forward to continuing the conversation!
If your team is dealing with similar issues or have questions you’d like answered please fill out the form below!