The ability to offer employees flexibility and choice in
their working lives 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
analysed some of the world’s top performing companies and why they were
succeeding, highlighted the ability to retain and motivate staff as critical.
The report ‘Business, People and Rewards: Surviving and
Thriving in the New Economy’ included responses from more than 200 senior HR
managers and managers at global corporations in Europe, North America and Asia.
It concluded, “Advances in technology, increasing workforce
diversity and new employee expectations support and demand new levels of
flexibility, choice and “mass customisation” in rewards.
“Similarly the
notion of pay for performance is becoming a reality, with more companies
planning programmes that reward employees on the basis of company performance
and individual contribution.”
By Ben Willmott
