The
ability to offer employees flexibility and choice in their working conditions
and the way they are rewarded is increasingly important for business success,
according to new research.
A
report by the Economist Intelligence Unit and management and HR consultancy
Towers Perrin, which analyses some of the world’s top performing companies,
highlights the ability to retain and motivate staff as critical.
The
report, Business, People and Rewards: Surviving and Thriving in the New
Economy, includes responses from more than 200 senior managers at global
corporations in Europe, North America and Asia.
It
concludes that rapid technological change is re-shaping the business
environment and employers are facing an increasing shortage of talented workers
in a tight labour market.
Tammy
Mattson, European total rewards leader at Towers Perrin, said the three biggest
challenges for businesses are attracting and retaining the right people,
ensuring they have the right skills and motivating them to invest their time
and creativity in the business.
She
added, "It is not a big, happy family any more. Employers identify which
employees are most important to them, which create most value and try and
understand what motivates them."
To
do this successful companies place greater emphasis on career enhancement
opportunities and offer flexible reward packages based on both individual and
business performance.
Mattson
told Personnel Today that the top performing companies are increasingly
customising reward packages to suit individual employees in order to keep key
members of staff.
The
study shows there is a shortage of e-literate, innovative, entrepreneurial and
multi-skilled employees in the workforce.
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It
concludes, "Advances in technology, increasing workforce diversity and new
employee expectations support and demand new levels of flexibility, choice and
demand new levels of flexibility, choice and ‘mass customisation’ in
rewards". www.towers.com
By
ben willmott
