Systemic approach to pay and benefits
Employers have been advised to adopt a “systemic approach” to their corporate pay and benefits strategies to attract jobseekers in the post-pandemic workplace. Josh Bersin, global industry analyst and CEO of The Josh Bersin Company, recommends that a more systemic approach to pay and benefits is necessary to make a company “irresistible” to current and prospective employees. According to Indeed, many employers are using a total rewards approach, which may no longer be suitable for the current workplace. Pay has emerged as the number one concern for workers globally, making an old-style total rewards approach insufficient. Instead, The Josh Bersin Company recommends a “Systemic Rewards” approach that balances pay equity and pay for performance, personalizes employee options, and reinvests benefits dollars to focus more on flexibility, career, and recognition.
The firm’s latest research, The Definitive Guide to Pay and Benefits: The Road to Systemic Rewards, outlines a systemic approach that includes competitive compensation, generous benefits, health and wellbeing support, flexibility, career, and purpose, and pay equity. According to the report, only nine per cent of companies have achieved this approach, but they are also 3.1 times more likely to innovate efficiently. A systemic approach would require collaboration among HR teams to be effective, Bersin added.