 The 14th annual “Top Five Total Rewards Priorities Survey,” sponsored jointly by Deloitte Consulting LLP and the International Society of Certified Employee Benefit Specialists (ISCEBS), points to increasingly sophisticated efforts to harness the potential of total rewards programs to help drive organizational strategy and goals. Employers are also accelerating recent efforts to equip and motivate employees by customizing total rewards packages to meet their individual needs. This year’s survey was completed by 413 respondents, representing a diverse cross-section of U.S.-based employers. The phrase “total rewards” was defined as all compensation, benefits, perquisites and any other direct or indirect payments to employees. Key findings include: - 54 percent of participants view “talent management” as their top organizational challenge.
- The mounting cost of total rewards still remains a high priority for survey respondents, particularly health care benefits.
- Nearly one-third of respondents (32 percent) plan to make changes to their total rewards programs with generational preferences in mind.
- 56 percent of respondents plan to redesign some rewards programs to better align the interest of employees and the organization and promote employee engagement.
- 71 percent of respondents plan to “increase employee communication and education surrounding our rewards programs.”
- 69 percent of respondents declared plans to “increase emphasis on performance-based pay.”
Also evident is a strong focus on consumerism and customization in total rewards strategies that are being driven not only by cost concerns but a convergence of powerful work force trends. To learn more about the “2008 Top Five Total Rewards Survey” and its key findings, download the attachment below. Related Content:
Press Release: Talent Shortage Emerges as No. 1 Employer Concern
Overview: Health Care Consumerism
Overview: Total Rewards |
