Pressing Issues in 2021 in Total Rewards
Our April Global Total Rewards Network Virtual Roundtable brought together Total Rewards leaders to discuss the biggest challenges on their minds right now. Participants included representatives from BP, Colfax, Fortive, Mastercard, Novartis, and Tapestry.
Member-Led Discussion – Key Takeaways
Global Total Rewards Network members took the time to share, ask questions, and gain insights from their peers. Topics included proxy feedback, ESG metrics, and DEI efforts. Here are some of the takeaways:
• Although some markets across the globe are beginning to open up, others are being hit with another deadly wave of the pandemic. Total Rewards leaders are focusing their efforts on supporting their employees as best they can through these difficult times.
• Where possible and following local health guidelines & requirements, companies are moving forward with office reopening plans with a focus on employee safety as well as productivity & collaboration. Discussions around a hybrid work model continued. However, there seemed to be a desire around senior executives to get employees back in offices when that made sense. In considering reopening plans, mandating vaccines was uncommon, but discussion around advocating education and encouragement was prevalent in the group.
• Many organizations are beginning to consider or have already added ESG metrics into their incentive plans. This includes goals such as reducing their carbon footprint, improving DEI, or decreasing the median pay gap. For most employers, these metrics will be applied to higher ranked individuals first before cascading down the organization.
• While some companies are still in the process of filing their proxy, others have made significant adjustments to their short-term incentive plans. Due to the unusual circumstances of the past year, the most important thing is to be transparent and direct about why you are making those changes.
• For Total Rewards leaders, improving DEI requires reviewing your plan provisions to understand who you are covering, defining eligibility, and considering who may be left out. Gathering feedback from Employee Resource Groups is often helpful in finding where gaps exist.
Thank you to all who participated for your energy and enthusiasm! We look forward to continuing the conversation!
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